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?
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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?
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.
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