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Building a home and borrowing 75k from family to do it. Tax implications and anything else?
I'm putting in about 70k and borrowing the rest for a total of about 145K to build a carriage house. My home in zoned for 2 residences, so I'll be living in the main house. I'm in Colorado.
I have no idea the tax implications for borrowing this much money.
Should I have my family pay the contractor directly?
Should I form an LLC?
any input greatly appreciated.
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‎June 6, 2019
7:31 AM