loans to family members tax
Tax on a car loan to family member?
My uncle has agreed to give me cash for a car. I am only 17 so I’m not sure if this will be able to be put into legal writing. Not only is he doing this to help me get a car but to help me establish credit. I have done rudimentary research and saw some things about gift tax and the IRS charging income tax to the lender even if the lender isn’t charging the borrower interest themselves. I have seem $12,000 a year as a figure that stands out as far as exceeding the amount that can be given before it is taxed. If this is true, are there exceptions or anything else? The car might be under 12,000 but it may be slightly over…say $13,000 or $14,000 max. If anybody can answer these questions it’d be much appreciated. Thanks.
With the way that all loans have been a challenge to get approved recently. The web places are good and I have heard the are have easier approval sometimes.
Ive been told this site is good http://auto.deal4-you.com
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