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Family Loan: Is interest taxable if the interest amount is gifted?
Hello Team,
Assumption: The year is 2023 and the annual gift exclusion is $17,000. My father loans me money and the total interest in 2023 is $17,000. My father gifts me the $17,000, therefore I do not pay it.
Question: Is the interest of $17,000 taxable income for my father?
Thank you very much,
Mark
Topics:
‎August 14, 2023
2:27 PM