Legal Question in Tax Law in New York

i am considering giving a personal loan to a friend... it will be a 5yr loan with specific payments monthly for 60 months... are there tax ramifications for me other than the interest i charge? and do i even have to charge interest since it is for a friend


Asked on 10/10/12, 10:16 am

1 Answer from Attorneys
Walter LeVine Walter D. LeVine, Esq.

Unless the interest amount comes within the allowed annual gift tax exclusion (currently $13,000), there is an issue of imouted interest. Specific figures are needed for a more informative reply.

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Answered on 10/10/12, 10:28 am


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