Montana Promissory Note Without Interest Tax Implications

State:
Montana
Control #:
MT-NOTESEC2
Format:
Word; 
Rich Text
Instant download

Description

Promissory Note - Installments - Fixed Rate - Secured by Personal Property - Montana: A Promissory Note is an agreement and promise to pay on a loan made to you. This particular note is to be paid in installments to the holder of the note. In addition, the note is secured by personal property, which is worth the amount of the loan. This property could be collected if and when the Borrower does not make all of his/her payments to the Lender. This form is available in both Word and Rich Text formats.
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  • Preview Montana Installments Fixed Rate Promissory Note Secured by Personal Property
  • Preview Montana Installments Fixed Rate Promissory Note Secured by Personal Property
  • Preview Montana Installments Fixed Rate Promissory Note Secured by Personal Property

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FAQ

Nothing in the tax law prevents you from making loans to family members (or unrelated people for that matter). However, unless you charge what the IRS considers an adequate interest rate, the so-called below-market loan rules come into play.

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.

If you are receiving the promissory interest, enter it as if you received form 1099-INT. In the Received from box, you may enter Promissory Note Interest Income and the name and any tax ID, if you have it. Only the amount is required however.

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.

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Montana Promissory Note Without Interest Tax Implications