Month: January 2010

Interest Rates on Loans to Relatives and Friends

Many loans among family members are interest free. Be careful. If you loan money to a relative or friend, there may be income and/or gift tax consequences if there is no interest or if the interest is below the market rate. For loans of $10,000 or less, you don’t have to worry about any of… Read More

Tax Changes for 2010

Starting January 1, 2010 there are many tax changes to deal with. Many tax breaks are phased out. The changes below are the current state of the law. It is always possibly for Congress to act to extend or replace disappearing provisions. The House passed a bill that extended many of these provisions, but the… Read More