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If a promissory note is executed jointly by two unrelated
If a promissory note is executed jointly by two unrelated parties, who is responsible for paying the income tax on the earned interest? … read more
Lev
Lev
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Bachelor's Degree Equivalent
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During a year, I, personally, gave a loan to a business
During a year, I, personally, gave a loan to a business (business lending). That is my only income. I made some profit. Can I invest all the profit to another business? In that case, do I have to pay … read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
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With an inter-family loan what are the requirements for when
With an inter-family loan what are the requirements for when the loan payments need to start in the Promissory Note? Can it be written to state the loan payments must begin 3-5 month out from the date… read more
Mark Taylor
Mark Taylor
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Masters
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I have an incorporated company and I need to borrow some
I have an incorporated company and I need to borrow some money from it for my down payment, is there a way I can borrow,then pay back … read more
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I have a promissory note that I failed to collect upon
I have a promissory note that I failed to collect upon within five years. Can I still deduct the loss? Does the borrower still receive a 1099 for debt forgiveness? … read more
Robin D.
Robin D.
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Vocational, Technical or Trade School
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In 2017 my husband and I gave my daughter ‘s family of three
In 2017 my husband and I gave my daughter ‘s family of three $14,000 gift to each, totaling $42, 000. I am lending my daughter 340,000 loan towards the house purchase as a short term loan with a Promi… read more
Mark Taylor
Mark Taylor
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My band is being lent a fairly large chunk of money to
My band is being lent a fairly large chunk of money to record a record and I've been put in charge of handling the money all of which will be spoken for in expenses. If i keep all receipts and clear r… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
13,763 satisfied customers
I have $50k promissory note that includes language that
I have $50k promissory note that includes language that "$50k plus the interest calculated on an annual basis on the loan at the rate of the AFR (current as of the date the loan is paid) per annum or … read more
Mark Taylor
Mark Taylor
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My husband and I purchased my mother-in-law's home 7 years
My husband and I purchased my mother-in-law's home 7 years ago which mom carries the full note. We prepared a legal notarized, recorded promissory note (with the title company) the note is for 30 year… read more
CFEPro789
CFEPro789
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I am trying to compute an interest due on a promissory
Customer: I am trying to compute an interest due on a promissory note … read more
Lev
Lev
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Bachelor's Degree Equivalent
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Two Trusts within the same Estate. One Trust alleged that
Two Trusts within the same Estate. One Trust alleged that the other Trust owes money. The Trustee of the alleged lending Trust will not produce any documentation (such as a promissory note), but has f… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
13,763 satisfied customers
I am the corporate secretary of a small business in Kentucky,
I am the corporate secretary of a small business in Kentucky, the 50% owner of the corporation is requesting a loan in the amount of $25,000. Can this loan be based on AFR rating of .0031 on three yea… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
13,763 satisfied customers
I want to loan my friend money in order to purchase a house.
I want to loan my friend money in order to purchase a house. Can I provide him with an interest free note? If so, what needs to be disclosed to the IRS, if anything?… read more
Robin D.
Robin D.
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What is the minimum applicable rate I can charge an "almost
What is the minimum applicable rate I can charge an "almost family" member for a loan of $5,165 ($5,000 plus the sales charges I incurred for liquidating mutual fund shares). Time was short, the weath… read more
Megan C
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Master's Degree
8,655 satisfied customers
How to calculate AFR interest on a promissory note?
I need to calculate the AFR interest rate for a promissory note of $50,000 loaned by a corporation to an employee and executed on 1/5/2011 payable in 3 years. I know this should fall under short-term,… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
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Employer loaned employee large sum, but never expects paymen
My ex-husband's claims his employer loaned him a large sum of money ($10,000+). The employer provided a Promissory Note with the amount, Signatures, and the words, "may be paid back as a payroll deduc… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
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My dad's company - a c corp - is lending us 80,000 to
My dad's company - a c corp - is lending us(me and my husband) 80,000 to be paid with an amortized loan in order to finance the purchase of some equipment. I was drawing up the promissory note but nee… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
2,885 satisfied customers
Using a confession of judgement as a tax write-off
I Loaned someone money with interest and they have defaulted. We had a promissory note. If I get them to sign a confession of judgement for both the prinicipal and interest, can I write of the entire … read more
MequonCPA
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