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Posted about 2 years ago.

I entered credit card fraud by mistake.. There is no fraut of any kind.. I am just trying to do the following:
Friend of mine needs financial help. I am willing to lend him the money by taking it from my credit line. We are going to secure everything by legal agreement and with attorney. It will be pretty large sum of money (around 200K), loaned to him for about a year. I will have to make transfer or write a check to his account. When he gives it back to me, it will be same way.. either check from his account.. or from the oficial bank that will land him the money. I am wondering if I will have to report the money I will get from him and will it somehow show on my income statement and tax returns.

Thanks.

Daniel Dwight Bowen
Daniel Dwight Bowen, Business Attorney - Atlanta, GA
Posted about 2 years ago.

For that amount of money you need competent legal advice. There are issues such as, if you make a loan with no interest it is condered a "gift" for tax purposes. You also need to have a heart to heart talk with your lawyer about how secure the loan is? If you have not used an attorney before that you have confidence in send me an email and i will reply with a recommendation. dbowen9@aol.com make the subject line "new york loan"