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Reply to "How can you make a loan (for interest) to family member official?"
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[quote=Anonymous]My sister asked for a loan of a few thousand dollars. I have the money to lend her and she will be paying me interest. Not a big rate but more than what I am making on money market and less than what she would have to pay a bank or CC. She will sign a note stating the exact terms of interest and term etc. I assume I will have to pay taxes on this. How do I declare this income and how do I pay the appropriate taxes? I use Turbo Tax for my taxes. Can I declare this income through TT? TIA.[/quote]
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