Have a $5000 loan at 57% interest paid it for 2 years. Have paid a total of about $6000 and still owe the $5000. Just mad. Want to stop paying it.Can I? If I do what shall I expect?
Posts Tagged ‘Consequences’
What Are The Tax Consequences Of A Personal Loan From A Family Member?
August 25th, 2009I am buying a house and my father is giving me a $26,000 10-year loan to get to 20% down payment. We are setting up an ammortization schedule with a 5% interest rate. My question is whether I can deduct that interest payment like I can with my bank loan for the 80%. Do we need to have a lawyer draw it up or have anything notarized? Also, does my father treat the income as investment income? Thanks,
