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Eric91Z
08-27-2005, 08:23 AM
Well, since I am not a financial solvent individual that does much beyond filing taxes each year and contributing to my work 401K program, I was wondering if there is anyone on here that might be able to answer 1 or 2 questions about family gift taxing and family loan taxes. Just a couple questions. If so, please contact me.


Thanks,
glassman99
08-27-2005, 02:53 PM
Try ClarkHoward.com, IRS.gov or H&R Block website for starters. Good Luck!
Eric91Z
08-27-2005, 03:19 PM
Try ClarkHoward.com, IRS.gov or H&R Block website for starters. Good Luck!

I did check IRS.gov and think I got the answer I need. My big question is if a family member LOANS you money that is being repaid, is there any tax that needs to be paid on that on either end, especially if it is interest free payments?
Brother Mike
08-27-2005, 08:27 PM
I did check IRS.gov and think I got the answer I need. My big question is if a family member LOANS you money that is being repaid, is there any tax that needs to be paid on that on either end, especially if it is interest free payments?
NO...no interest means no income....no income = no tax consequence
glassman99
08-29-2005, 01:37 PM
NO...no interest means no income....no income = no tax consequence

The loan is not income. If the lender is going to forgive the loan, they can do so at a rate of $11,000 per family member per year, with no tax liability to the receiver. Please don't try to pay more income taxes than you already do!
Brother Mike
08-29-2005, 01:45 PM
Original post indiacted loan is being REPAID....thus no forgiveness of debt which would be considered a gift under IRS rules concerning family members....please do NOT confuse the issue....thanks