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Message
re: gift tax question
Posted on 8/1/13 at 1:27 pm to Bear Is Dead
Posted on 8/1/13 at 1:27 pm to Bear Is Dead
quote:
Also, the loan thing is a terrible idea. It has become a red flag that is commonly snuffed out.
Out of curiosity, how is this a red flag and how/who is commonly snuffing this out? Not arguing just wondering.
1
Posted on 8/1/13 at 2:04 pm to LSUMon
quote:
Out of curiosity, how is this a red flag and how/who is commonly snuffing this out? Not arguing just wondering.
First, you have to actually charge interest, and the debtor must pay on it, or else it is a 20k gift.
Second, you would have to report it as a debt when you applied for a mortgage or borrow money, which is dumb because it would throw your income/debt ratio out of whack, for no good reason.
And the IRS can commonly sniff this out if you were ever audited.
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