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    slizer's Avatar
    slizer Posts: 3, Reputation: 1
    New Member
    		  
    #1

    Nov 20, 2010, 05:18 PM
    Loan / tax question
    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's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #2

    Nov 20, 2010, 05:29 PM

    You only need to pay taxes on any interest on that money.
    slizer's Avatar
    slizer Posts: 3, Reputation: 1
    New Member
    		  
    #3

    Nov 20, 2010, 07:11 PM
    Comment on ScottGem's post
    Can you elaborate on that scottgem ? What do you mean "on any interest ? "
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #4

    Nov 20, 2010, 08:54 PM

    You made a loan, did he pay you interest?
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