My Family Matters: Loans

A family loan starts with a handshake. Family Matters makes it real: a loan at the IRS rate, every payment on the record, everyone clear on the terms. Your family's loans, gifts, and homes on one record, doing the tax math as it goes. THE LOAN EVERYONE REMEMBERS DIFFERENTLY You lent Maya enough to clear her credit cards. Open the loan and see exactly where it stands: what is still owed, the payment each month at the IRS rate, the next payment due, and the month it pays off. Every payment splits into principal and interest, so nobody has to work it out again. You set the loan up once on the web, and from then on it lives here. When a payment lands, record it and the balance draws down. When payments come from a connected bank account, they record themselves. The interest figures your tax preparer needs sit right on the loan, by year: the 1099-INT for you, the 1098 for the borrower. The…