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Reply to "Would you charge a family member interest?"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Yes, I would charge them the Fed funds rate. But I am an economist.[/quote] But that is practically nothing. You just don't want them to have imputed income?[/quote] That's not what imputed income means. For a significant amount of money you should have them sign a note with some interest. [/quote] I think that is what imputed income means in this context. If you don't charge at least the applicable federal rate, then the IRS will consider the foregone interest as income to the borrower.[/quote] How would they ever know?[/quote] Well setting aside that obvious that that question is irrelevant -- you should do the right thing and follow the law -- people do get audited.[/quote]
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