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on Friday, May 8th, 2009 at 2:50 am and is filed under Home Equity Loan Q&A.
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3 Responses to “My Parents Are Taking Out A Home Equity Loan To Lend Me Money To Start A Business, Does Anyone Get Taxed?”
No one gets taxed for making of receiving a loan. The IRS will consider a portion of you payments to be interest on the loan. This is taxable to your parents and MAY be deductible as a business expense.
not unless you are going to pay them any interest on the loan!!!! sure hope you make it — hate to see your folks lose there home!!!!
$10,000 a year is a gift no tax.
No one gets taxed for making of receiving a loan. The IRS will consider a portion of you payments to be interest on the loan. This is taxable to your parents and MAY be deductible as a business expense.