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Get your taxes done using TurboTax
@Opus 17 true but i did post this
None of the interest would be deductible by you since it seems the house is not security for the loan.
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in addition, if it was secured by the home, the borrower would be able to deduct the imputed interest but also might be responsible for filing a gift tax return if gifting the imputed interest back to the lender and any other gifts the borrower makes to the lender exceed the gift tax threshold for the year.
‎November 15, 2024
9:28 PM