01-11-2013, 01:59 AM
I want to lend some money to a very good friend to help him with a project. he knows what he's doing, and so do I, and I trust him. I have no doubt he will pay me back, and I don't need interest.
How do I go about this, I obviously don't want him to pay tax on this money, and neither do I when I get it back. write a check, will IRS ask what the check is for? cash in a suitcase?
let's say the sum is more than 10k but below 100k
EDIT: there is no point debating whether I should do this or not, or how this could affect the friendship, or what happens if this and that, or else, then, and what not. I just want to know the simplest way to avoid running into tax trouble on both sides.
How do I go about this, I obviously don't want him to pay tax on this money, and neither do I when I get it back. write a check, will IRS ask what the check is for? cash in a suitcase?
let's say the sum is more than 10k but below 100k
EDIT: there is no point debating whether I should do this or not, or how this could affect the friendship, or what happens if this and that, or else, then, and what not. I just want to know the simplest way to avoid running into tax trouble on both sides.