 |
|
| Browse | Ask | Answer | Search | Join/Login |
|
|
||||
|
Tax with the money that I lend to friend
I've got a question. In some reason, I need my friend to keep my $4000 for few months and I was about to wire the money to a friend's account. But suddenly, it came up in my mind about tax issue. He'll give it back in cash.
In next tax report period, is there anything we need to do or we have to pay for tax? Or I don't need to care about this at all? |
||||
|
||||
|
What country?
Banks in the US don't report transfers under 10,000. If you are trying to hide from state or federal benefits, however, it won't work. They look at previous months too for this reason. Same with divorce lawyers and nursing homes, and I can't think of what else at the moment. (Never mind that fact that your 'friend' could stop being your friend, could decide he needs a loan that he then can't pay back, or he dies... ) |
||||
|
||||
|
I don't get it exactly. What does that mean 'They look at previous months too for this reason.'
The situation is, the money is in the bank in the USA and I'm currently in my home country with the money left in the USA and I asked my friend who is in USA to keep it and give it back to me when he is back to our country. |
||||
| Question Tools | Search this Question |
Add your answer here.
Check out some similar questions!
I had lent $8,000 to a close friend last year and he now wants to pay me back. There was no loan agreement drawn up. I had directly paid for his purchase using a check drawn from my account. And now, he would be returning back that amount to me by a check drawn from his account. Do I/he have any...
My deceased mother took a mortgage on her house to lend money to her business. The mortgage payment s were made through the business and the current accountant tells us the estate needs to pay the mortgage because it looks personal. Can this loan be reclassified?
I'm a US green card holder. I lent my US earned after tax money to relatives in a foreign county (parents and brothers, sisters) by several wire transfers. Now they are returning part of the money to me by wire transfer from their foreign bank account to my US bank account. I do not have a foreign...
The proprietors of two businesses, L.L. Sams Company and Melinda Garcia Career Services, have sought business loans from you. To decide whether to make the loans, you have requested their balance sheets. Solely on the basis of these balance sheets, to which entity would you be more comfortable...
My friend has lended me money, Igave him post dated checks. He never puts the check through and calls all the time about the money. Whwn I tell him to put the checks through , he stays I am not sure about the loan now. He also keeps threating to take me to court.
View more questions Search
|
