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I borrowed $50,000 from my sister. Do I have to pay taxes

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I borrowed $50,000 from my...
I borrowed $50,000 from my sister. Do I have to pay taxes on this?
Submitted: 4 years ago.Category: Tax
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10/2/2013
Tax Professional: Tax.appeal.168, Tax Accountant replied 4 years ago
Tax.appeal.168
Tax.appeal.168, Tax Accountant
Category: Tax
Satisfied Customers: 3,851
Experience: 3+ decades of varied tax industry exp. Tax Biz owner
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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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Tax.appeal.168
Tax.appeal.168, Tax Accountant
Category: Tax
Satisfied Customers: 3,851
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