Ask the Dolans: Can I write off an unpaid loan to a family member?
May 15th 2009 10:00AM
Updated Jun 19th 2009 4:23PM
Click here to ask Ken and Daria your question.
Lending money is a touchy subject and in our current volatile economy, it's not uncommon for family and friends to turn to each other for a loan. We know how much you care for your loved ones, but this can cause significant problems ... especially when that loan goes unpaid.
One WalletPop reader found herself in this situation and wondered about the tax liabilities. Watch our video response below to find out what we advised her to do.
Dear Ken and Daria,
Can I write off an unpaid loan to a family member?
If you do decide to loan money to a family member, protect yourself with Ken and Daria's sample loan note.