All Forum Posts by: Micaiah Cormier

My sister in-law is a CPA and she said that it may be dicy if there is no interest - I'm not sure if the percentage of profits Constitutes interest? The tax laws guard against family members giving interest free loans apparently. Would we have to have a legal documents t stating the stipulations s of the loan for tax purposes?

Looks like piss water that was never flushed - who paid the water bill?

I would deduct it. worst case if you go to court and it's not legit you pay it. make sure and start taking photos before and after. I use Google drive and share the documents with my tenants. I then save the after photos in another folder to share in court if needed.

So my son in-law, my son and I want to run a deal. The in-law's uncle is wealthy and willing to lend us money for a commission on the profits - but he lives in Mexico. I have many questions about whether this is possible. How will he transfer the money? How is it taxed? Loan? Gift? it seems like it is so close but so far. Anyone have any insight on this?