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Loaning money to a friend

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I'm new

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Hello,
I’m looking at loaning $25,000 interest free to a friend in need, for a period of 1 year (drawn up on a contract with clearly defined terms). Would there be any tax implications for myself by doing this?
Thank you
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Most helpful response

Taxicorn

Replies 0

No as long as you are not claiming anything for it or receiving anything for it and there is a clear contract.

1 REPLY 1

Most helpful response

Taxicorn

Replies 0

No as long as you are not claiming anything for it or receiving anything for it and there is a clear contract.