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Reply to "Would you charge a family member interest?"
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[quote=Anonymous]I financed my home through my father. I pay the then-current IRS minimum applicable federal rate. The mortgage is recorded, etc. by a lawyer at the courthouse. This way I can still take the deduction on my taxes, and everything is above board and fair to us both. It's been working well for everyone as he has a steady income stream from it in retirement. But we both know that we are both reliable money-wise. I would never have entered such a transaction with any other member of my family! [/quote]
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