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I know and understand that I will pay tax on the interest
I know and understand that I will pay tax on the interest income. Do I have report when I give a loan in taxes? As far as I know : ''Loan are not reportable transactions. You do not deduct it when you… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
15,685 satisfied customers
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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I forgot to file money received from forgine country. I
I forgot to file money received from forgine country … read more
Lane
Lane
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Doctoral Degree
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Does a non-resident alien need to file a tax return on
Does a non-resident alien need to file a tax return on interest income received from a US business loan?… read more
Lane
Lane
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Doctoral Degree
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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
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
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In regards to my last question (reporting foreign pay as
In regards ***** ***** last question (reporting foreign pay as dividends vs as compensation) - does this foreign shareholder (who is 100% owner of the corporation) must file 1040NR tax return in both … read more
Lev
Lev
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Bachelor's Degree Equivalent
38,599 satisfied customers
I am a US person. I am taking a loan from a foreigner. Do I,
I am a US person. I am taking a loan from a foreigner. Do I, the borrower, need to pay interests at or above AFR to the foreigner? Do I need to distribute the interests every year or can I accumulate … read more
Robin D.
Robin D.
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Vocational, Technical or Trade School
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my uncle is a malaysia national who owns a 50% interest in
my uncle is a malaysia national who owns a 50% interest in a rental property in the US that he would like to gift to my mother (who is a US citizen). My father (also US citizen) owns the other 50% but… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
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This is a new Question: A member of a multi-member LLC (company)
This is a new Question: A member of a multi-member LLC (company) lend money to the company to get started with business. It was agreed by all members to set up a note owed by the company and pay inter… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
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I have made a loan to my daughter in which I am not charging
I have made a loan to my daughter in which I am not charging interest. How do calculate imputed interest income on my Federal tax return?… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
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hello - i am a us permanent resident (green card holder) and
hello - i am a us permanent resident (green card holder) and i have a question regarding sending money to my mother who lives abroad and is not a US citizen. I would like to send her around 70,000 USD… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
2,885 satisfied customers
Hi, I am considering borrowing around $60,000 from my Aunt
Hi, I am considering borrowing around $60,000 from my Aunt to finish paying off my mortgage. It would be set up as a legal document of course. I undertand that the IRS sets the interest rate that is a… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
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Hello, Im an Italian citizen residing in Italy. I need to
Hello, I'm an Italian citizen residing in Italy. I need to lend a sum to an American resident/citizen who intends to buy some property in the U.S.. Does the borrower have to issue me a 1099 form for t… read more
RD
RD
Self Employed
Master's Degree
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Does a Preacher who preaches for a church in the United States
Does a Preacher who preaches for a church in the United States receive a 1099-Misc from the church where he preached if his pay was over $600.00?… read more
Merlo
Merlo
Tax Consultant
558 satisfied customers
my uncle gift a house to me, if i want to sell it, how much
my uncle gift a house to me, if i want to sell it, how much tax i need to pay? my uncle buy the house for 36,0000 and i want to sell it for 420,000… read more
Merlo
Merlo
Tax Consultant
558 satisfied customers
My good friend is an American person has worked in Japan for
My good friend is an American person has worked in Japan for the past 3.5 years, earning approximately $300K to $400K during that time paid in Japanese Yen and paying standard Japanese income taxes. H… read more
Anne
Anne
Master Tax Preparer
2,434 satisfied customers
Im thinking of borrowing money from my mother and father to
I'm thinking of borrowing money from my mother and father to consolidate my bills. They would take out a home equity line of credit and I would mirror the terms of the loan from the bank to them in my… read more
Merlo
Merlo
Tax Consultant
558 satisfied customers
What is the definition of short term loan and AFR rates applicable?
IRS AFR Rate Table Please define the length of time for short, mid, and long-term loans. Also, what are the various % AFR''s? I am borrowing $300,000 from a personal friend and need to choose an inter… read more
The Guy Behind the Tree
The Guy Behind the Tree
Master's Degree
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