Deduct a loss from making a personal loan to a relative or friend | Hoberman & Lesser

Deduct a loss from making a personal loan to a relative or friend | Hoberman & Lesser

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