If I borrow 30-40K from my brother in Asia, who happen to be a US citizen, does my brother have to pay tax?
On my part, what do I have to do with IRS?
How would I prove the money is borrowed?
If it is a loan, you will need to draft up a loan document and charge interest. The minimum interest rate is the applicable federal rate (AFR) that was in effect at the time the loan was originated. Right now the rates are 0.82% for short-term, 2.76% for medium term, and 4.36% for long term (as of July ’09). The IRS changes these rates monthly. You can look them up at http://www.irs.gov/app/picklist/list/federalRates.html
That interest is then taxable to your brother as income.
The maximum annual gift limitation is $13,000 per person (for 2009… $12,000 per person for 2006-2008), but you can double up if either you or your brother is married. (i.e., your brother can give you a gift of $13,000 and your wife a gift of $13,000.) As long as you don’t exceed these limits there will be no tax effect.
You can also agree to pay the loan back and have your brother “gift” you the interest. He would still need to pick it up as income, but then you could avoid any awkwardness of charging interest between family members…
Hope this helps!
041 How to play 40K part 1 Movement
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