Get your taxes done using TurboTax

Any loan for which there is no corroborating documentation (paper, electronic, .et al) is ripe for problem, whether it be possible inquiries by tax authorities, local and state law inquiries as to the possibility of cash "washing," or simply arguments as to payback periods, loan amounts, or other terms, between the lender and the debtor, or even inter alios, such as family or related persons to the direct parties.  There is absolutely no benefit gained by not documenting properly a loan and considerable probability of problems by failing to do the documentation.

If this posted response is useful to you, please click on the upraised hand in the lower left of this post. Thank you. Scruffy Curmudgeon--PFFM/ IAFF, retired FireFighter/Paramedic - Locals 718/30, Veteran USAR O3 AIS/ASA '65-'67


NOT INTUIT EMPLOYEE
USAR 64-67 AIS/ASA MOS 9301 - O3

- Just donating my time
**Say Thanks by clicking the thumb icon in the lower left corner -it means nothing but makes those than answer feel wanted.