General Business/Management Strategies
Be sure to follow tax rules when lending money
Lending money to your children - or your business - can be extremely helpful to both, but be sure to follow the tax rules. They can be tricky. If done well, however, they can be beneficial to you, too. See some of the rules of documentation, and an example of a loan gone right - and wrong. (11/26/2012)
The technical information here is necessarily brief. No final conclusion on
these topics should be drawn without further review and consultation. Please
be advised that, based on current IRS rules and standards, the information contained
herein is not intended to be used, nor can it be used, for the avoidance of any
tax penalty assessed by the IRS.
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