Quote:
Originally Posted by Jibartik
[You must be logged in to view images. Log in or Register.]
Not loans:
There's no legal limit on how much you can lend to family as long as you have a written agreement and charge the minimum interest rate.
you cant just say "I said I'd pay him back" and it makes it a loan.
If you even do that, you have to pay taxes on BOTH exchanges! If you do pay them back without the agreed upon interest!
|
Would Tromp have been a successful businessman if he had to pay taxes on the 1 million dollar loan his father gave him?
07-13-2022, 12:36 AM
Threaded Mode