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Started By
Message
Best way to setup borrowing money from family
Posted on 10/25/13 at 8:57 am
Posted on 10/25/13 at 8:57 am
For business expenses? I borrowed some money from a family member for business expenses that I plan to pay back monthly. What's the best way to set this up? Thanks
7
Posted on 10/25/13 at 9:03 am to gsvar2004
Not a lot to go on. Are you wanting to know how much to pay them each month? How much did you borrow? Are you paying them interest? Did you agree on how soon you would pay them back?
Posted on 10/25/13 at 9:11 am to gsvar2004
Google "amortization schedule" and fill in the blanks.
Edit: spelling
Edit: spelling
This post was edited on 10/25/13 at 9:13 am
Posted on 10/25/13 at 9:42 am to gsvar2004
I would avoid at all costs. I'd be 4k richer had I never "helped" my brother who said he would pay me back. Learn from my mistakes.
Posted on 10/25/13 at 10:03 am to gsvar2004
Umm, you pay them back?
I'd start there.
I'd start there.
Posted on 10/25/13 at 10:29 am to gsvar2004
Give them their money back and go get a real loan. If SHTF, I'd rather owe bank than family.
If that's not an option, just set an interest rate and pay them back.
If that's not an option, just set an interest rate and pay them back.
Posted on 10/25/13 at 11:19 am to anc
yeah already everything agreed upon. its already setup to have my bank "bill pay" them back every month.
just more curious tax wise how to claim the money
just more curious tax wise how to claim the money
Posted on 10/25/13 at 8:00 pm to gsvar2004
My rule...no borrowing money from family.
Ever.
Sorry, I am not help here.
Ever.
Sorry, I am not help here.
Posted on 10/26/13 at 8:56 am to gsvar2004
quote:
just more curious tax wise how to claim the money
How much did you borrow? Why do you need to show it on taxes?
Posted on 10/27/13 at 10:42 am to gsvar2004
If you've already agreed to all the terms and completed the transaction, then it's too late to worry about tax planning. The tax planning should have involved all parties to the transaction. There are whole bodies of rules, regulations and rulings on related party loans, gift loans, and below market rate loans that could come into play, and everyone needs to be on the same sheet of music to get the desired results.
Posted on 10/27/13 at 6:20 pm to gsvar2004
It's depressing that in some families people don't trust each other with money.
Posted on 10/27/13 at 7:07 pm to beaverfever
quote:
It's depressing that in some families people don't trust each other with money.
I have been around a longtime, and I don't think I have ever heard of a loan to a family member or relative ending with a positive outcome. In most cases if the borrower could get a loan somewhere else they would, but commercial lenders have a better track record at determining who will repay on time that the average family member.
Posted on 10/27/13 at 8:47 pm to EA6B
quote:
commercial lenders have a better track record at determining who will repay on time that the average family member.
This.
As Benjamin Franklin once wrote, the best way to make a friend of an enemy or an enemy of a friend is to lend money.
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