Phil L asked:


I heard that investment interest are deductible against my income tax…is this true? I am planning to borrow a small amount of money from my family member to make investments into various blue chip stocks, and I will pay an interest of 5.75% per year to that person. Also, would I have to issue a 1099-INT for the family member I borrow the money from or would it not be necessary since I am borrowing the money on a individual level and not as a corporation/entity as part of ordinary course of business? Thank you for your help!!