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this post was submitted on 11 Jun 2024
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Did you ever pay off that 6 figure loan? What would happen if you didn’t?
I assume the 6 figure loan is done that way to avoid paying taxes on a gift, so I wonder if there’s any repercussions for not paying the loan back. Or maybe your parents would claim that as a loss on their taxes and end up paying less taxes from it.
Paid it off the third year after we got some consistent business in the industry(food software and logistics). Paid about $400 in interest over that time.
Yep, it was so they could give me far more than the limit on gifts per year and not get taxed.
I sold my half of the business to my cofounder about 2 years ago. Been retired and just raising my kids while my wife is getting back into her field(she was stay at home while I built my business).
I think if you take a loan and it is forgiven without paying it back you have to pay income tax on it. (Not certain and referencing USA)