Saturday November 21, 2009

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Seven Safe Ways to Loan Money to Your Family

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Joey Posted: 1:16 PM On November 7, 2009
Great article, thanks!
WM Posted: 6:32 PM On October 22, 2009
If there are two interest-free loans for $75,000 (one to the son and one to the daughter-in-law) from the parents, will the $100,000 exception still apply to each loan?
Murray Posted: 9:16 AM On August 18, 2009
How does the IRS treat a 'Demand-Loan' set to be repaid upon my death from my estate but(and) I live in Canada (am a Canadian) and the lender (Daughter) lives in Arizona?
Michael T. Hanley, CPA Posted: 12:25 PM On July 6, 2009
Great article and great advice. As a CPA who specializes in working with small businesses, many of which are family businesses or businesses that are started up with loans from families, I have seen many of these loans go bad.

When a loan isn't treated like a loan, not only does tension easily builds up between family members, but the IRS can step in an charge imputed interest.

Michael T. Hanley, CPA is the Managing Partner of the Smithtown, NY CPA Firm, Merl & Hanley, LLP and the author of Effective Tax Planning for the MicroBusiness (available at bookstores nationwide or online at www.30minutebooks.com).
MotherThanksU Posted: 6:53 PM On October 20, 2008
This was the information I had been looking. I wasn't trying take my son to court just resolve a financial sitution that happened.
Very helpful! Posted: 6:16 PM On October 2, 2008
I can hardly believe my good fortune. I found this directly to the point article with Google - first page.
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