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Thanks Five Rings and Atlanta Tax expert. So, you are saying, that by issuing me 1099, he can claim this money as business expense and get tax cut on his income and at the same time I will have to...

Thanks for your answer,
My understanding was that no 1099 is needed since he is not paying me any interest. But since he was insisting to give me 1099 , I become suspicious as I don't understand...

Hi,

I loaned a friend of mine 5000 early this year (he is an accountant) , and few days ago he said he will return me the money in 5 checks each is 1000 and will issue me 1099 form. Does that mean...