You Could Be Charged Taxes for Giving Money to Family Members

You Could Be Charged Taxes for Giving Money to Family Members

Graduations, birthdays, house warmings, birth of a new baby, are all occasions where you may want to shower your family with nice gifts or cash. But what you may not have known is giving large sums of money or expensive gifts to your family and not reporting it to the IRS could land you in jail. Before you start giving large gifts to your family, read these important tips about tax penalties.

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Family Loans: How to Lend Money to Family and Friends and Not Regret It

Family Loans: How to Lend Money to Family and Friends and Not Regret It

It's amazing to be able to help a friend or family member who is facing financial difficulties, but money has a way of causing misunderstandings and hurt feelings. Many financial gurus advise against lending money to family members. Surveys have shown that 45% of people that make personal loans aren’t paid back entirely. And 25% never get paid back at all! Understand that the likelihood of getting paid back isn’t great. However, each scenario is unique. It's critical to consider all of the factors before making a decision. If you’ve decided to make a loan, here are some tips to make sure you don’t end up regretting it.

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