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I lend my friend about 130k and got paid back within a week, do I need to file and how should I file it if I have to?

I lend my friend about 130k for a house downpayment and she sent it back within a week. I did not charge any interest at the time, but do I need to file a disclaimer or a form following the IRS Applicable Federal Rates (AFR) during that month? If so, is the monthly interest rate applicable to a time period of just a few days? In addition, can I file it with TurboTax? 

Thank you.

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PattiF
Expert Alumni

I lend my friend about 130k and got paid back within a week, do I need to file and how should I file it if I have to?

No, you have nothing to report. If you had received interest on the loan, that would be reported on your return.

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3 Replies
PattiF
Expert Alumni

I lend my friend about 130k and got paid back within a week, do I need to file and how should I file it if I have to?

No, you have nothing to report. If you had received interest on the loan, that would be reported on your return.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

I lend my friend about 130k and got paid back within a week, do I need to file and how should I file it if I have to?

Thank you for answering. By searching through the forum, I saw this post which is similar to my situation.

https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/do-i-need-to-file-tax...

 

Just to double check, since the amount of money I lend exceeded 100k, do I need to report it?

 

Thank you again for your help.

AliciaP1
Expert Alumni

I lend my friend about 130k and got paid back within a week, do I need to file and how should I file it if I have to?

No, the loan was not held long enough for the topic of the article to be an issue.

 

@gkrdnjs

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