There is a rental agreement, and the loan will be recorded against the property. I declare her rent as income, and she would declare the interest on the loan as income.
2007-11-13 11:12:32 · 6 answers · asked by jpp 1 in Business & Finance ➔ Renting & Real Estate
Why would you draft a loan with interest from your mother? She'd have to pay tax on it which you already know. Pay her car insurance for a year or something.
2007-11-13 11:52:19 · answer #1 · answered by Legend 4 · 0⤊ 0⤋
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2016-11-11 10:27:08 · answer #2 · answered by ? 4 · 0⤊ 0⤋
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2007-11-14 20:09:36 · answer #3 · answered by Anonymous · 0⤊ 0⤋
The only problem I see is that you may need to account for the money and where it comes from. But there isn't any reason you couldn't pay off the loan with her money.
2007-11-13 11:25:58 · answer #4 · answered by Anonymous · 0⤊ 0⤋
You can pay off the loan with any money you want to.
Just make sure to have your agreement with your mother in writing. and make sure you PAY her BACK.
2007-11-13 11:20:24 · answer #5 · answered by don_sv_az 7 · 0⤊ 0⤋
Yes, you will have to declare the monies as income for tax purposes, however.
2007-11-13 11:56:13 · answer #6 · answered by kirk m 3 · 0⤊ 0⤋