My sister cannot claim me as a dependent. Can she deduct the borrowed money from her taxes?
I read in an article that in order to qualify the borrowed money as a "loan" I have to set up some sort of an interest system. Otherwise the borrowed money is seen as a gift and I have to pay taxes for that.
Do I report the borrowed money as income?
Can I use my tuition paid as a deduction even though technically I borrowed money from my sister and will pay her back eventually?
