Creditopics.com

Even if your credit cards are maxed out and you have a huge mortgage to pay off, you can still get rid of all your debt in about five to seven years - and begin rapid wealth-building - without sacrificing the things that matter most to you!

2 Responses

1. s g Says:
   April 26th, 2009 at 11:06 am 1

   There are no tax liabilities on loans, but rather what you buy with the loan.

2. STEVEN F Says:
   April 27th, 2009 at 3:21 pm 2

   You don’t mention what country you are in. Under US tax law. The borrower has NO tax related to a loan. The lender would include the interest portion of payments in their total income for tax purposes, and pay the same rate as normal income. In the case of a gift, the receiver has no tax. The giver can give up to $12,000 per year to each recipient with not tax results. Above that amount, a gift tax return must be filed, but up to $1 million can be given in a lifetime before taxes are actually paid.

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