Personal Finance & Money Asked by David Tulip on September 13, 2020
I have a pair of married clients from India who lent their son money to buy a restaurant in India. They now reside in the US and are naturalised US nationals, and now that the business is profitable the son is paying them back with profits from the business. In 2019 they received around $130,000 from their son. How best to declare this income to minimize tax?
Parents don't have to declare it as it is a loan repayment however they must keep proof/record of loan given. Any amount above loaned amount has to be declared as earnings if amount paid back is more than loaned amount.
Answered by Raymond on September 13, 2020
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