Loan to my daughter - Taxable?
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elias
Apprentice
Joined: 07 Mar 2006
Posts: 2
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 Posted: 02/26/08 - 10:59 Post subject: |
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| I would like to give a loan to my daughter, it seemed like the easiest solution for her to start her own business, even she had never told me, and I understood what she is up to. Now, I would like to give her a loan and I would also like if she never discovers that her lender was I, but than there is this issue of taxes. If I give her a loan and realize that taxes are not to be paid since I am her father, closest relative, than she will discover it was me who gave her a loan, if I act as if I am somebody else or give money to third party which is supposed to be a lender, than we’ll be losing important sum of money. Can anyone tell me if a loan to my daughter should be taxable? |
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adore
Apprentice
Joined: 18 Jun 2005
Posts: 4
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| Posted: 03/27/08 - 02:04 Post subject: |
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| I am not sure are you ready to lose percentage that will go for taxes, and I also see no reason for such loan to be tax free. Anyway, maybe there is some issue that I simply don’t understand, so I will not tell you anything concrete. But if you are willing to surprise your daughter, I would advise you to swallow that tax, if is exists, and to move on with a loan. Some day she will probably find out, but you could decide which day it is going to be. |
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