Below Market Loans

[hillheadfarm]

What is the name of your state (only U.S. law)? New York
I loaned $20,000 to a family member in Canada and they are now prepared to repay the loan. I did not charge any interest. Are there any tax implications if I have it wired back into my New York State account?
Thanks

 

[LdiJ]

What is the name of your state (only U.S. law)? New York
I loaned $20,000 to a family member in Canada and they are now prepared to repay the loan. I did not charge any interest. Are there any tax implications if I have it wired back into my New York State account?
Thanks

The wire transfer, in and of itself, would not generate any tax consequences.