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Tax.appeal.168
Tax.appeal.168, Tax Accountant
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I borrowed $50,000 from my sister. Do I have to pay taxes

Customer Question

I borrowed $50,000 from my sister. Do I have to pay taxes on this?
Submitted: 3 years ago.
Category: Tax
Expert:  Tax.appeal.168 replied 3 years ago.
Welcome. Thank you for choosing us to assist you. My name is Angela and my goal is to help make YOUR life, a little...LESS taxing.

Q: I borrowed $50,000 from my sister. Do I have to pay taxes on this?

A: No, because it was a loan and not income.

Please let me know if you required additional assistance with this matter.

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