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When done right, a loan to a family member is advantageous for both parties, since you may be open to giving your family member a better interest rate than a finance company or bank and your money stays in the family. The document you create will also help to keep your records clear with the IRS.
Tax-smart family loan strategy in action. On your side of the deal, you must include the interest income on your tax return (no surprise). On your daughter’s side of the deal, she can deduct the interest as home mortgage interest as long as you secure the loan with her home (a relatively simple legal procedure).
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Unintended tax consequences can result when you give a family member a loan. It’s important that you always have a written agreement on family loans to document the transaction for the IRS. At Summit CPA we are here to assist you with all of your tax and financial needs.
It’s hard to refuse a family member’s request for a loan, but be sure to go into such arrangements with your eyes open.. How To Lend Money To Family And Not Regret It .. see 8 Ways to.
Not only will a fair interest rate inspire your family member to pay you back in a timely manner, but it can also protect you from being charged gift taxes on the money you lend. As of 2012, if you lend more than $13,000, you’re liable to pay a gift tax on that amount if you don’t set a loan with reasonable terms and get it in writing.
The biggest consideration when deciding whether to gift money or make loans to family members starts with the amount of money being asked for and the frequency of the money requests. Stewart’s daughter never asked for more than a couple hundred each month to subsidize her living expenses while she was away in college.
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In today’s tough economy, you may decide to loan money to a cash-strapped family member. While this may be a noble cause, you should make the loan the tax-smart way. If you make a loan to a family.
Take the necessary precautions to preserve the relationship.