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Updated almost 7 years ago on . Most recent reply presented by

Chris LumLee's profile image
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Chris LumLee
  • Investor
  • from Honolulu, HI
  • Member since Mar 24, 2017

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Chris LumLee's profile image
Chris LumLee's profile image
Chris LumLee
  • Investor
  • from Honolulu, HI
  • Member since Mar 24, 2017
Chris LumLee
  • Investor
  • Honolulu, HI
108
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187
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Tax, SDIRAs & Cost Segregation

Have a business but borrowing from a friend

Chris LumLee
  • Investor
  • Honolulu, HI
Posted

Hi,

I'm thinking about starting a real estate investing business. I'm thinking about borrowing money from some friends to help finance purchases. If it's a private loan backed with a promissory note, do I NEED to give them 1099s or other tax-related forms at year end?

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Linda Weygant
  • Investor and CPA
  • from Arvada, Colorado
  • Member since Mar 31, 2015

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Linda Weygant
  • Investor and CPA
  • from Arvada, Colorado
  • Member since Mar 31, 2015
Linda Weygant
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  • Arvada, CO
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Linda Weygant
  • Investor and CPA
  • Arvada, CO
Replied

Well Hot Dog!  Looks like I learned something new today.

  • Linda Weygant
  • Podcast Guest on Show #244
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