Hey all, my parents are in the process of buying their dream retirement home to be by their grandkids (my nephews). Problem is it's very expensive, so I'm helping them cover the cost. They anticipate being able to repay me the money by early 2018. (I'm not worried about them being able to repay.)
What I'm curious and hoping some smart folks here might know about is how best to approach this from a tax standpoint. I'm assuming I can't write off any of the $300,000 loan? Will the 2018 loan repayment count as $300,000 in come I have to pay taxes on? Anything else I should know?
Thanks everyone!
Submitted May 06, 2017 at 09:29PM by liptonsipton http://ift.tt/2pi59UP
