LEND TO FAMILY IN A TAX-FRIENDLY WAY

Lending money to family members can be tricky sometimes – especially when it comes to taxes. The best way to avoid tax problems is to charge interest on your family loan (because the IRS will tax you for it!), or know the interest-free exceptions. You can gift money to your relatives under the gift tax exemption of $14,000 ($15,000 in 2018), or you can ensure the loan is under $10,000 and won't be used to purchase income-producing property. Call us at (518) 798-3330 for details.