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#1
04-19-2004, 08:27 PM
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 Re: borrowing money from Overseas eeter wrote: - quote - > My uncle overseas in lending me money (140k) to buy a house
If it's a mortgage loan (i.e., securted by the house), then> and he will be wiring the amount to my bank account. I will > return the money over 10 years. How should I handle this > issue with the IRS. report it as you would any other mortgage for which you don't receive a 1098. If not, there's no tax consequences. On the other hand, it might be nice to have a copy of the loan agreement in your possession, to discredit claims that the money is income or money laundering proceeds. << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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04-19-2004, 08:08 PM
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| Re: borrowing money from Overseas "eeter" <eliaseter[at]hotmail.com> wrote: - quote - > My uncle overseas in lending me money (140k) to buy a house
If it is a true loan eg., you are paying some interest for> and he will be wiring the amount to my bank account. I will > return the money over 10 years. How should I handle this > issue with the IRS. the use of the money, the IRS wouldn't be interested. << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#-1
04-18-2004, 05:34 PM
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| borrowing money from Overseas My uncle overseas in lending me money (140k) to buy a house and he will be wiring the amount to my bank account. I will return the money over 10 years. How should I handle this issue with the IRS. Help will be appreciated Thanks << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
| Tags |
| borrowing, money, overseas |
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