200,000 loan, prime rate = 3.5%, if the loan has no interest, it is equivalent of the friend give you $7000 gift this year.
A person giving out more than $14,000 gift to a person need to pay gift tax. So your friend doesn't need to pay tax.
200,000 loan, prime rate = 3.5%, if the loan has no interest, it is equivalent of the friend give you $7000 gift this year.
A person giving out more than $14,000 gift to a person need to pay gift tax. So your friend doesn't need to pay tax.
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