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    mirna1966's Avatar
    mirna1966 Posts: 1, Reputation: 1
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    #1

    Apr 6, 2010, 03:38 PM
    Oveseas loan do I pay taxes? How do I report it to the IRS?
    A relative has extended the offer of a loan, the live in central america. If I accept what are the tax consequenses and how to I report it to the IRS?
    AK lawyer's Avatar
    AK lawyer Posts: 12,592, Reputation: 977
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    #2

    Apr 6, 2010, 06:38 PM

    The loan principal is not taxible as income.

    Interest you pay is deductible if the loan is used for business purposes.

    What else do you want to know?
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