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I need to loan money without tax consequence when paid back
I need to loan $1,000 to a relative (for a plumbing repair on their home). My concern is that when I'm paid back it might count as taxable 'income' as part of my 'gross income'. Should I or should I not charge some sort of nominal interest rate, such as 1% per year?
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March 3, 2024
7:34 PM