Georgia Promissory Note Without Interest Tax Implications
Description
How to fill out Georgia Unsecured Installment Payment Promissory Note For Fixed Rate?
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FAQ
A promissory note must specify the percentage interest charged on the loan. All loans should carry some interest, even if it is between family members.
The buyer doesn't want to have to pay interest, and the seller feels funny asking for it, so they agree, no interest. Unfortunately, the IRS may impute interest received to the seller, even if the parties agreed to zero interest or a rate below the IRS' published rates.
A simple promissory note will state the full amount is due on the stated date; you won't need a payment schedule. You can decide whether to charge interest on the loan amount and include the interest in the document if needed.
Generally, any income you generate from a promissory note is taxable income and must be reported. The income generated is simply the interest you earned on the note for the tax year in question. If you lent the money personally rather than through your business, report the income on your personal income tax return.
Regardless of whether the interest was reported on Form 1099-INT, interest income from promissory notes always must be reported by individual income taxpayers to the IRS on Schedule B of Form 1040. On this schedule, taxpayers total the aggregate amount of interest and ordinary dividends from all sources.