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View Full Version : My brother is loaning me $10,000. Is it taxable when I deposit it?


jndkehoe
Nov 29, 2009, 01:56 PM
My brother is loaning me $10,000. Is it taxable when I deposit it? Does it have to be less than that to not be taxable? Is there a time frame of how it needs to be paid back?

ScottGem
Nov 29, 2009, 02:20 PM
A loan is not taxable income. The time frame in which it needs to repaid is an issue of negotiation between you and your brother.