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<blockquote data-quote="CUZ" data-source="post: 499934" data-attributes="member: 4301"><p>The IRS doesn't care what you think. You can say "good faith" and even believe it, but the IRS will say there's no such thing as an interest free loan between unrelated parties in an arm's length transaction. </p><p></p><p>As in a lot of things, you can do whatever you want (even deduct dogs and cats as dependents, write-off your groceries and vacations) and get away with it, UNTIL you're caught. </p><p></p><p>In your case you may want to just roll the dice on letting it be, but on future deals I'd suggest calculating what the interest would be.</p></blockquote><p></p>
[QUOTE="CUZ, post: 499934, member: 4301"] The IRS doesn't care what you think. You can say "good faith" and even believe it, but the IRS will say there's no such thing as an interest free loan between unrelated parties in an arm's length transaction. As in a lot of things, you can do whatever you want (even deduct dogs and cats as dependents, write-off your groceries and vacations) and get away with it, UNTIL you're caught. In your case you may want to just roll the dice on letting it be, but on future deals I'd suggest calculating what the interest would be. [/QUOTE]
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