I would like to lend about $50,000 to a relative. I would get it back within a year. I do not want this to be subject to gift tax, so I would like to collect some interest. I already discussed the terms with the borrower. It will be a bank transfer to the borrower and also bank transfer of interest (monthly) and the principal back to me. I understand that the bank will report this amount to the IRS. When time comes to file my tax, what do I need to prepare for using TurboTax Deluxe? Thanks.
