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Tax Planning/addition to last question


So sorry, I just wanted to say that I was looking for information from you or a document to look at that would explain how to give my son a loan - last question submitted - and I wanted to say Thank you in advance.  I was too eager to press send.  Thank you again - Meredith

Hi Meredith,
You can give $14,000 a year to your son without any tax implications. So, you could just pay that amount each year against his loan. Perhaps there are other family members that would also like to contribute (like grandparents, uncles, etc.) - they could also contribute the same amount each year. Sorry, that won't help the interest rate but it is a way you could pay down the loan in a few years.  As to where to look - try the IRS web site and look up gift tax. RS

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Richard S


My expertise is in collecting past due taxes and tax returns. While at the IRS I worked on wage and bank levies, liens, Offer in Compromise, late filing and payment agreements every day. I spoke with over 20,000 people concerning their issues while I worked there (just retired).


Ten years working for the the IRS in Collections and tax return review. Worked with over 20,000 people on their IRS issues. Explained their options and usually worked out a solution while they were on the phone.

Masters Degree from Iowa State in Ames.

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