Fixed Promissory Note Without Interest
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How to fill out Fixed Promissory Note Without Interest?
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FAQ
Principal and interest are payable in lawful money of the United States of America. Maker may prepay this Note in full or in part at any time without a prepayment charge. DEFAULT/ACCELERATION.
Promissory notes legally bind the borrower and lender in an agreement where the borrower is responsible for paying back a loan or debt. They lay out the conditions of the loan and detail the time frame for paying back the loan as well as any interest that might accrue over the life of the loan.
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.
If you decide to give the loan without charging any interest, be prepared to justify it to the IRS, because it literally is a gift in the IRS's eyes. The IRS can "impute" interest on your loan, whether you actually charged any interest or not, and require you to report that imputed interest as income.
At its most basic, a promissory note should include the following things:Date.Name of the lender and borrower.Loan amount.Whether the loan is secured or unsecured. If it's secured with collateral: What is the collateral?Payment amount and frequency.Payment due date.Whether the loan has a cosigner, and if so, who.