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I lent my friend $63,000 on October 24, 2015, to be repaid…

Customer Question
I lent my friend...

I lent my friend $63,000 on October 24, 2015, to be repaid in full on March 31, 2016. I want to write out a promissory note that includes the AFR needed. How do I do this after the fact? I also need to tell him what the full interest will be. I want to comply with what the IRS expects on interest charged.

Accountant's Assistant: The Accountant will know how to help. Is there anything else the Accountant should be aware of?

No, thanks

Submitted: 2 years ago.Category: Tax
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Answered in 5 minutes by:
2/29/2016
Tax Professional: Jonathan Tierney, Certified Public Accountant (CPA) replied 2 years ago
Jonathan Tierney
Jonathan Tierney, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 323
Experience: Tax Accountant at Praxair, Inc.
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Hi, my name is ***** ***** I can help. You can find the AFR’s for prior month’s here: https://goo.gl/QUlUtU

I hope this answers your question. Please let me know if I can clarify anything or answer any additional questions.

Thanks, Jonathan

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Customer reply replied 2 years ago
No, this doesn't answer my question. I want to know how much to charge on the $63,000, not where to find AFR's. It's a five-month loan that I made on October 24, 2015. Full payment of the $63,000 is due Marcj 31, 2015. I need to put in my promissory note the AFR and how much that will amount to in total. That was my question. I already know how to access AFRs. I do not want to pay for your response if you can't answer my question.
Customer reply replied 2 years ago
due in full March 31, 2016, I mean
Tax Professional: Jonathan Tierney, Certified Public Accountant (CPA) replied 2 years ago

Charge $145 per month or $725 total.

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