10 years ago, I loaned money ($50,000USD) to my brother-in-law when he was in India. After few years, things changes he decided to come to USA for work and he has been living here for couple of years. He is ready to pay my money back in chunks. We didn't sign any promise note or contract, also, it was interest free loan.
If I start accepting money from him,
1) Will there be any tax implications for me or for him?
2) Do we have to report anything when we file tax return?
Thanks for your advise.
