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ddpatel3
New Member

I need to lend a friend $50K, he will pay it back interest free in coming months. Is this taxable? Can I avoid being taxed? Not making money, just helping an emergency

 
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‎June 5, 2019 11:54 PM
last updated ‎June 05, 2019 11:54 PM
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Coleen3
Intuit Alumni

I need to lend a friend $50K, he will pay it back interest free in coming months. Is this taxable? Can I avoid being taxed? Not making money, just helping an emergency

A loan between friends and it's repayment has nothing to do with taxes. However, if he does end up paying interest, that would be taxable.

‎June 5, 2019 11:54 PM
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