Loans To Relatives PUT ALL FAMILY LOANS IN WRITING Documentation is critical on any family loan. If the loan goes bad, you’ll want to claim a tax deduction. But, without proper paper work, an IRS auditor will say the transaction was a gift, which means no deduction for you and a possible problem with a […]
The Rule Of 72 The Rule of 72 is a simple formula that lets you estimate how long it will take an investment to double at a stated interest rate. You simply divide 72 by the prevailing interest rate. For example, if you’re investing $1,000 at a 6% rate, it will take 12 years for […]
Learn where you can deduct various types of interest in order to receive the maximum tax benefit, including student loan interest, mortgage interest, rents & royalties, etc.