mikeinaustin
Apr 6, 2012, 10:49 AM
I am planning on lending a friend $30,000 (possibly a little more) for 4 months. He will then give me back that same amount of money.
I am not looking to get any interest from him, and he is not looking to make any profits from the money I loan him.
This is simply a favor of loaning him the money, then him returning it to me once his personal money is no longer tied up.
Are there any tax implications for me or him with this loan?
Is there a best way to withdraw and give him this money, in regards to taxes? (bank transfer, personal check, money order, cash, etc?)
I am not looking to get any interest from him, and he is not looking to make any profits from the money I loan him.
This is simply a favor of loaning him the money, then him returning it to me once his personal money is no longer tied up.
Are there any tax implications for me or him with this loan?
Is there a best way to withdraw and give him this money, in regards to taxes? (bank transfer, personal check, money order, cash, etc?)