It may come as a surprise to borrowers in their family and relatives to pay tax on the loan in some situations. If they don’t, the Tax Office will first collect the tax itself, and then impose a fine of up to 20% of the amount borrowed! And then the borrower will not only be in debt to the family, but also to the Tax Office. So how to borrow in the family so as not to have problems with the tax office and even the bailiff? So what should we do to safely borrow money from relatives and relatives?
Contents
While taking out a loan from a family member is extremely simple in itself, it undoubtedly requires knowledge. Of course, it is known that not everyone is able to follow changes in the regulations on an ongoing basis, but before borrowing money, it is worth getting acquainted with their current version for your own financial security.
–
A family loan is treated as a great alternative to bank loans or loans in parabanks, not only because it is usually “cheaper”. It can also be faster (the family does not analyze our creditworthiness like a bank), and in addition, we can often count on flexibility in terms and repayment dates.
These facilitations may be especially important for people who need cash “already” or are in such a poor financial situation that they would not have a chance for an “official” loan. Financial help from the family can then be invaluable.
–
However, it cannot be forgotten that the loan remains a loan and the one who granted it has the right to demand a refund. The constant extension of the repayment date or failure to keep promises carry the risk that the parties will pay for such a loan with great stress, loss of mutual trust, which then is difficult to rebuild.
—
/nginx/o/2022/04/26/14508938t1haa41.jpg?resize=150%2C150&ssl=1)