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Deduct a loss from making a personal loan to a relative or friend

Summary by N&K CPAs
Suppose your adult child or friend needs to borrow money. Maybe it’s to buy a first home or address a cash flow problem. You may want to help by making a personal loan. That’s a nice thought, but there are tax implications that you should understand and take into account. Get it in writing You want to be able to prove that you intended for the transaction to be a loan rather than an outright gift. That way, if the loan goes bad, you can claim a …
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Peter Shannon & Co. broke the news in on Tuesday, March 25, 2025.
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