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Have you made a loan to a child or grandchild?
When making a loan, you have an expectation of getting paid back. When a family loan turns into a grant, you’re not going to get paid back. Here are 3 reasons a family loan may turn into a grant.
Here are 3 Easy Ways to help them:
1) Make a Loan
Parents and grandparents can loan to their child or grandchild. If this is the approach taken, a formal loan agreement should be drawn up. This should include interest and the repayment terms. The Internal Revenue Service ("IRS") will require a minimum amount of interest to be … Continue reading »