I’m looking to open a shop and my parents offered to lend me some money to help out. They are taking out a home equity loan to lend me about $35,000 to $55,000. I agreed to pay them back. Because they are taking out a loan do they have to pay any taxes? Do I have to pay taxes on this money?
I don’t have any assets so I wouldn’t be able to get a loan for the amounts of money I posted.
Posts Tagged ‘Are’
My Parents Are Taking Out A Home Equity Loan To Lend Me Money To Start A Business, Does Anyone Get Taxed?
Friday, May 8th, 2009What Are The Benefits Of A Home Equity Loan?
Wednesday, May 6th, 2009What are some benefits of a home equity loan? How does it work? Whats a good interest rate for someone with OK credit? My is good, but my husbands is fair. We are planning on consolidating high interest cards and possibly using sometowards a newer vehicle.
