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Reply to "Gift Tax Q"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]I can’t imagine reporting interest income on a loan I gave my kid. Why are you charging interest?? [/quote] Must be some sort of tax scam, or else they just want to play banker and charge interest. [/quote] No, you have to charge if it needs to be a real loan in the eyes of the IRS. There’s an applicable federal rate. Not saying OP needs to use a loan here but if they do, they have to charge the FAR[/quote]
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