Simple question here..
I am soon to receive a $60k loan at 8% interest from a friend.
What will I need to do as far as taxes go, if anything?
I will be making interest only payments to him until I can refi, and pay it off.
Loan proceeds are not taxable. They're not income.
The interest you pay on the loan may be tax deductible. Depends on the details of the loan and its purpose. If its a mortgage you're using to buy a rental property, the interest is tax deductible. If its a personal loan, its not. This is a complex topic and you should consult your accountant (get one, if you don't have one.)
The interest the lender receives is income. The lender should send you a 1099 at the end of the year showing what you paid, though that's not always required for a private loan.