Posted on: 16th Feb, 2010 12:49 pm
I loaned a family member money to purchase a home with the understaning that she would pay me back monthly payments at the last minute there were issues and I ended up putting my name on the cash deed with hers. She made monthly payments then her boyfriend paid the balance due me in full. How do I show this on my 2009 taxes?
the only thing you ought to be claiming on your tax return would be the interest you received. the loan amount is your money that was returned to you, so there's no taxation there. if you have questions beyond that level, you'd be wise to speak with a tax advisor; but i believe that answers your question well enough.