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Old 06-14-2005, 04:51 PM
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Join Date: Jun 2005
Posts: 13

Taxes for loan repayment

What is the name of your state?NC and ND

My father a resident of North Dakota has over the years loaned my husband and I residents of North Carolina abour $40,000. We have put together that much money to pay him back. When we repay him will he have to claim that money as taxable income?
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Old 06-16-2005, 01:56 PM
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Join Date: Mar 2005
Location: Maryland
Posts: 101
no, hopefully you some document that shows it was a loan repayment, maybe notarized, so uncle sam doesn't see it as a gift some day......
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