n_m_s
Returning Member

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Okay. Sorry I have so many questions. We didn't draft any paperwork or sign anything stating it was a loan.  I believe we lent somewhere around $3,000, and sold the rifle for $1,100.  We didn't really come up with a repayment plan, and I don't think we're expecting to enforce or demand repayment.  Would this then just be considered a gift? I was reading up on arms length transactions, and don't think this would qualify as one. @Anonymous_ @ErnieS0 @JohnW152