12-05-2023, 03:06 PM
(12-05-2023, 02:56 PM)Luvnit2 Wrote: The IRS demands any loan have paperwork including:
1. Reason for Loan
2. Terms of the loan to include loan $ amount, INTEREST (MUST BE A REASONABLE AMOUNT BASED ON CURRENT RATES AT TIME OF THE LOAN).
Comer has asked Joe Biden's attorneys for the loan paperwork. So, just as many in here say all Trump had to do was turn over the documents, the same applies for Biden. Just show Comer the paperwork and end it.
The problem is there probably is no paperwork.
yes and no....the IRS has requirements when the loan or gift exceeds $10,000 below that the loans are considered "de minimus" and does not require interest, documentation, or reporting as long as the loan does not go to a income producing product. So for example you can loan your child $9,999 for a house downpayment as long as they plan to live there. You can't if they plan to rent it out.
So Joe loaning Hunter less than $5000 for a car down payment is exempted
Fueled by the pursuit of greatness.
