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Loans To Relatives

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 […]

Filed Under: News Articles Tagged With: deduction, deductions, family loan, family loans, interest, loan, loan to family, loans, loans to relatives, long term loan, short term loan, tax deduction

Bad Debts – Family Loans

Bad Debts – Family Loans If you made an ill-advised loan to a family member, the saving grace is that you’re allowed to claim a nonbusiness bad-debt deduction. Your write-off is considered a short-term capital loss. So you can use it to shelter your capital gains for the year. If the loss exceeds your gains […]

Filed Under: News Articles Tagged With: bad debt, bad debt deduction, bad debts, business expense, capital loss, deduction, deductions, family loan, loan, loan to family

Bad Debt Write-Off Allowed For Family Loan

Bad Debt Write-Off Allowed For Family Loan In a recent Tax Court case (McFadden, T.C. Memo.2002-166), the court allowed a parent to claim a bad debt write off of more than $130,000.00 for a loan to his daughter that was used to buy a house. BACKGROUND A bad debt deduction may be available if a […]

Filed Under: News Articles Tagged With: bad debt, deduction, deductions, family loan, loan, write-off

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Ronald Semaria
Semaria Consulting
1408 East 66th St
Brooklyn, NY 11234
Email: info@semaria.com
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