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slizer
Nov 20, 2010, 05:18 PM
My friend made a business deal in Dubai (United Emerits) and wants to send me money I loaned him directly to my bank account.
Do I need to pay taxes on this money ?

ScottGem
Nov 20, 2010, 05:29 PM
You only need to pay taxes on any interest on that money.

slizer
Nov 20, 2010, 07:11 PM
Can you elaborate on that scottgem ? What do you mean "on any interest ? "

ScottGem
Nov 20, 2010, 08:54 PM
You made a loan, did he pay you interest?