Skip to main content
February 13, 2020
Question

I borrowed $19,000 cash from family members to help with the down payment of my house. I plan to repay them back within two years. Do I need to report this to the IRS?

  • February 13, 2020
  • 1 reply
  • 0 views
No text available

1 reply

February 13, 2020

No, you do not need to report that. However, if you pay interest on the loan, your family members that you pay back should include that as interest income on their tax return.

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"