Tax

Have a Tax Question? Ask a Tax Expert

Ask an Expert,
Get an Answer ASAP!

Tax

Stephen, when you said around 3% is this per annum?

Customer Question
Stephen, when you said around 3% is this per annum?
Submitted: 5 years ago.Category: Tax
Ask Your Own Tax Question
Answered in 2 minutes by:
5/2/2012
Tax Professional: Stephen G., Sr Income Tax Expert replied 5 years ago
Stephen G.
Stephen G., Sr Income Tax Expert
Category: Tax
Satisfied Customers: 7,239
Experience: Extensive Experience with Tax, Financial & Estate Issues
Verified
Hi & thanks for using our service. I'll do my best to give you a complete & accurate answer. Please ask me to clarify anything you don't understand.

Yes, per annum. But let me get the applicable interest rate. Hold on.
Ask Your Own Tax Question
Tax Professional: Stephen G., Sr Income Tax Expert replied 5 years ago

Here's a link to the "Applicable Federal Rates" for 2012.

http://evans-legal.com/dan/afr.html

The minimum short term rates are so low, ie. a fraction of 1% per annum, that almost any rate you want to charge would be sufficient.

Do you have a rate in mind?

What is your objective?

You might consider giving your friends an option or a first refusal, but to tie up your house for an unknown period of time, in exchange for such a small amount of compensation, would be a very favorable deal for them, but not for you.

What if their house doesn't sell? At a minimum, you should attach a time limit to the deal. Also, if you don't have any security for the note, situations change & there would be no incentive for them to complete the deal, except your friendship.
Stephen G.
Stephen G., Sr Income Tax Expert
Category: Tax
Satisfied Customers: 7,239
Experience: Extensive Experience with Tax, Financial & Estate Issues
Verified
Stephen G. and 87 other Tax Specialists are ready to help you
Ask your own question now
Tax Professional: Stephen G., Sr Income Tax Expert replied 5 years ago

Please remember to click on the green "ACCEPT", or the "smiley face" as appropriate; that is the only way we get credit for our work, even if you are on a subscription plan. Feedback, if you have time and bonuses, where you think they are warranted, are always most appreciated. Before or after you ACCEPT, I will be happy to answer any additional follow-up questions you may have. Thanks again for using our service.

If you'd like to contact me again, in the future, just ask for "Steve G" at the beginning of your question.
Ask Your Own Tax Question
Ask Stephen G. Your Own Question
Stephen G.
Stephen G.
Stephen G., Sr Income Tax Expert
Category: Tax
Satisfied Customers: 7,239
7,239 Satisfied Customers
Experience: Extensive Experience with Tax, Financial & Estate Issues

Stephen G. is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,300 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,338 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

Robin D.

Robin D.

Senior Tax Advisor 4

13,980 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,651 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

R. Klein, EA

R. Klein, EA

Enrolled Agent

1,839 satisfied customers

Over 20 Years experience

< Previous | Next >

Related Tax Questions
How much will I pay in fines, interests, and other financial
How much will I pay in fines, interests, and other financial penalties if I don't pay quarterly taxes will (as a self-employed business owner) and instead just pay taxes in one lump sum once per year … read more
taxmanrog
taxmanrog
Master\u0027s Degree
772 satisfied customers
My question is how to change the tax rate on the Panasonic
My name is ***** ***** My question is how to change the tax rate on the Panasonic 7500? thank you … read more
taxmanrog
taxmanrog
Master\u0027s Degree
772 satisfied customers
Im trying to figure out how to calculate an AFR interest on
Im trying to figure out how to calculate an AFR interest on a monthly basis....do you take the number of days in the month and calculate that? … read more
Fred Rook
Fred Rook
Corporate Controller
BSBA
64 satisfied customers
Are there any tax implications either state or federal for a
Hello are there any tax implications either state or federal for a family member giving another family member a loan. Are there any documents that need to be in order besides a contract?… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
1,068 satisfied customers
2 financial questions: 1. Interest Rate on HH Bonds? 2.
2 financial questions : JA: What state are you in? It matters because laws vary by location. Customer: 1. Interest Rate on HH Bonds ? JA: What steps have been taken so far? Customer: 2. Opinion on the… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
13,980 satisfied customers
Personal Estimated Federal Tax/Illinois payment: My federal
Personal Estimated Federal Tax/Illinois payment:My federal and IL taxes deducted on regular basis from pay check as employee. But I have S corp for which I know rough profit at 4th quarter since my ve… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
1,068 satisfied customers
What rate of withholding is applicable for a domestic
What rate of withholding is applicable for a domestic partnership with 2 foreign partners upon the selling of a rental property in US. … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
I know and understand that I will pay tax on the interest
I know and understand that I will pay tax on the interest income. Do I have report when I give a loan in taxes? As far as I know : ''Loan are not reportable transactions. You do not deduct it when you… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
Do you have to include VA Disability Compensation in Section
Do you have to include VA Disability Compensation in Section G (Non-Wage Household Income) on IRS Form 433F… read more
abci168
abci168
Principal
27 satisfied customers
US credit rating - how to obtain one? I have an ITIN. Can I
US credit rating - how to obtain one? I have an ITIN. Can I build up a US credit rating with that or do I also need an SSN or are they the same please? Many thanks.… read more
abci168
abci168
Principal
27 satisfied customers
Energy Credits - Please confirm that energy tax credits have
Energy Credits -Please confirm that energy tax credits have expired at end of 2016. Are there any credits for residential HVAC for 2017 tax year?Thanks, JW… read more
abci168
abci168
Principal
27 satisfied customers
What is the order in which penalties and interest are
What is the order in which penalties and interest are applied in payments on previous years … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
Federal Tax Credit or NC Tax Credit For 2017, is there any
Federal Tax Credit or NC Tax CreditFor 2017, is there any type of tax credit for replacing a roof on a historical house (1870)? It is primary residence. They will either replace the roof or do "hydros… read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,791 satisfied customers
What would the federal and state tax rate percentages be for
What would the federal and state tax rate percentages be for a $7700 IRA early withdrawal in Ohio?… read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,791 satisfied customers
How does this process work - compensation? If instead of
If instead of receiving the actual cash from my salary, i instead loan it to the company, will i be taxed the income at the time of when i should receive the cash or later when the loan is repaid? I am the owner. … read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
1,068 satisfied customers
Is Worker's Compensation payment to be added as income? I
Is Worker's Compensation payment to be added as income? … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
Can you tell me if workers' compensation settlements
Can you tell me if workers' compensation settlements taxable? … read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,275 satisfied customers
What is the applicable federal rate on loans in 1917?
what is the applicable federal rate on loans in 1917? … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x