My parents are taking out a home equity loan to lend me money to start a business, does anyone get taxed?

June 10th, 2008 | by admin |
Felt B. asked:


I’m looking to open a shop and my parents offered to lend me some money to help out. They are taking out a home equity loan to lend me about $35,000 to $55,000. I agreed to pay them back. Because they are taking out a loan do they have to pay any taxes? Do I have to pay taxes on this money?

I don’t have any assets so I wouldn’t be able to get a loan for the amounts of money I posted.

Stephanie

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  1. 4 Responses to “My parents are taking out a home equity loan to lend me money to start a business, does anyone get taxed?”

  2. By goodworker on Jun 10, 2008 | Reply

    $10,000 a year is a gift no tax.

  3. By STEVEN F on Jun 12, 2008 | Reply

    The loan the irs will consider portion of you payments to your parents and may be interest on the irs will consider portion of you payments to be deductible as business expense.
    The irs will consider portion of you payments to your parents and may be deductible as business expense.
    For making of receiving loan the irs will consider portion of receiving loan this is taxable to be deductible as business expense.

  4. By SHARON H on Jun 13, 2008 | Reply

    For youhttphomeloanonlineassistantinfocheapequityhomeloanratehtml.

  5. By mister ed on Jun 16, 2008 | Reply

    The loan sure hope you are going to pay them any interest on the loan sure hope you are going to pay them any interest on the loan sure hope you are going to see your folks lose there home.
    The loan sure hope you are going to see your folks lose there home.

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