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My question is, If I have a trust fund with 46,000 and I…

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My question is, If...

My question is, If I have a trust fund with 46,000 and I borrow 1/2 of that with interest and then i borrow the other 1/2 what would be the consequences?

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I want to borrow the whole amount of my trust fund for my business, what can I do to repay it without getting in trouble?

Submitted: 8 months ago.Category: Tax
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9/28/2017
Tax Professional: Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional replied 8 months ago
Chad EA, CFP ®
Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional
Category: Tax
Satisfied Customers: 2,362
Experience: Federally licensed IRS Enrolled Agent, Certified Financial Planner (R), MBA
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Welcome to JustAnswer! My name is***** ® professional and I will be able to assist you today.

You would first have to ensure you are able to access the funds and the only way you can be sure is to review the terms of the trust that was set up.

If you are able to borrow the funds, then if the funds are truly a loan, there would be no tax consequences to you.

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Tax Professional: Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional replied 8 months ago

Please let me know if you have any follow up questions!

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Customer reply replied 8 months ago
Is there a time table to repay the loan?
Tax Professional: Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional replied 8 months ago

The time to repay the loan would be determined between you and the trustee

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Tax Professional: Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional replied 8 months ago

For tax purposes, you should establish a time period, repayment schedule and interest rate

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Tax Professional: Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional replied 7 months ago

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