Guaranty Promissory Note Without Interest Tax Implications
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How to fill out Guaranty Of Promissory Note By Corporation - Individual Borrower?
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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.
A guarantee of a debt incurred in a taxpayer's trade or business results in an ordinary loss. If the guarantee was provided for an investment that is not the taxpayer's trade or business, the loss is a short-term capital loss. If the guarantee was strictly personal, there is no tax deduction available to the guarantor.
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.
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.
2) The guarantee fees are not interest within the meaning of Article A of the U.S.-Country A treaty. The payments constitute other income taxable at the full U.S. statutory rate of 30 percent unless sufficient facts establish that the payments constitute industrial and commercial profits to A.
