- premium rate income
- high cost home loan
see irs dot gov. Technically, the IRS can impute an interest rate (but it would be very low in this economy) as one has the responsibility to report interest income, but realistically the amounts are so low and beneath the radar it is not worth the time or trouble of the IRS.
Or, just claim the loan was a gift. Then, surprise, surprise, you gave the lender a gift later.
{Sort of like swapping $ at Christmas or birthday times - lol.}
Or, just claim the loan was a gift. Then, surprise, surprise, you gave the lender a gift later.
{Sort of like swapping $ at Christmas or birthday times - lol.}
What is the interest rate required by the IRS on personal loans?
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