Legal Question in Business Law in New York
My parents gave me a personal loan of one million dollars in order to invest in my C corp. Since it is my parents, I should be able to put the repayment in my name. Is there any tax law that discourages this/the repayment basis, etc?
Asked on 2/07/10, 8:16 am
1 Answer from Attorneys
Randall Brett
Law Office of Randall P. Brett
Did your parents LOAN you the money or give you the money as a GIFT? Unless the money was gifted to you (in other words, it is your money), the funds are theirs and you cannot put the repayment (if it is a repayment) in your name. You need to talk to an attorney about your apparent intention to take the money and pay it to yourself - there is more than tax law involved here.
Answered on 2/12/10, 12:13 pm
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