Categories
- Beauty & Style
- Computers & Tech
- Education & School
- Entertainment
- Environmental Issues
- Food & Dining
- FunAdvice Community
- Gaming & Games
- General Knowledge
- Health
- Home & Garden
- Jobs & Money
- Kids
- Love & Relationships
- Music
- Nutrition & Fitness
- Parents & Family
- Pets & Animals
- Politics
- Religion & Spirituality
- Science
- Shopping
- Sports
- Travel
- Writing & Literature
Not that I've ever heard, loans aren't taxed...*however* if YOU pay the family member interest on the money, then they would be liable for the interest paid...and, if it's for a purpose which you can deduct, then you could potentially deduct the interest paid, in whole or part, on your 1040...however, consult a tax professional for more granular information, or consult the IRS website, at irs.gov.
Answer this Question: "Tax implication of receiving a loan"
Our members said the answers on this page also answer the following questions:
Receiving gift money and taxes, Do i have to pay taxes on gift money, Implication on loan from friend, Tax implication of cash gift from family, Personal loan from freiends and its tax implication, Tax implication of a loan, Receiving a loan from a family member tax, Do i have to pay taxes on cash gifts?, Tax implication family member loan gift, Tax implication loans friends, Do i have to pay taxes on gifted money, Tax implication of home loans from friends, Tax implication of loaning money
Popular questions related to Tax implication of receiving a loan
- How much taxes will be taken out?
- If I receive a cash gift, do I have to pay taxes?
- How to get a personal loan regardless of credit?
- Do you pay back unemployment on taxes?
- How much do 14-year-olds get paid?
- Need $2500 fast and I have bad credit
- Bad credit / car loan / co signer?
- Can I receive money with an unverified PayPal account
- Can you be fired for an old misdemeanor?
- How can I raise 1,000 pound ($2,000) by Wednesday?
- What percentage of taxes are taken out of your paycheck weekly?
- How much weekly taxes will be taken out of my paycheck?
- how much taxes are taken out of my check
- Third-party harrassment from a Collection Agency.
- What percent of taxes are taken out of a check weekly?
- What can I claim on my taxes?
Share this question
Copy and paste this code:It will display on your blog or site like this:
Tax implication of receiving a loan
Tax implication of receiving a loan
is there any tax (both for lender and borrower) when you receive a cash loan from a family member (short term)? not a gift.