Revolving Promissory Note Without Interest
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How to fill out Revolving Promissory Note Without Interest?
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FAQ
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.
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 promissory note must specify the percentage interest charged on the loan. All loans should carry some interest, even if it is between family members.
Revolving Credit Promissory Note means a promissory note of the Company payable to the order of any Lender, in substantially the form of Exhibit G, evidencing the aggregate indebtedness of the Company to such Lender resulting from the Revolving Loans made by such Lender.
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.