Fixed Promissory Note Without Interest Tax Implications
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FAQ
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.
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 interest on your loan is calculated as simple interest, the formula for calculating interest begins with the total principal balance multiplied by the interest rate. For example, if the principal is $5,000 and the interest rate is 15 percent, multiply 5,000 by 0.15 to equal 750.
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.
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.
