I am residing in USA. I am considering loaning USD 50K to my brother in Canada to help him buy a home. Whats the best way to go about this? I read that if its within US its best to do this a loan agreement and charge an interest. Since my brother (borrower) is in Canada, is this still the best way to loan him money. What are my tax implications? What documentation (IRS forms) are to be submitted to IRS both while giving the loan and when he pays back.
