Despite signs of an improving economy, times remain tough for many families, with mortgages and bills going unpaid. As a result, many adult children are asking parents for financial assistance. When asked, many parents are happy to help. But before doing so they should be aware that arcane tax laws lurk. Care must be taken to avoid creating unexpected tax liabilities. There are three common mistakes when loaning money to family members. These mistakes can convert a loan into a gift in the eyes of the IRS. If the IRS takes the position that a loan is really a gift, then the gift tax and income tax laws may come into play and the result is needless expense and complexity.
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