Posted on: 26th Jan, 2010 11:40 am
i borrowed money from a friend to purchase a rental property. after a year or so, he wanted the money so i gave him the property with a quit claim deed. do i need to file anything with the irs stating the transfer of property was in exchange for payment of the loan?
Hi Ladybug,
I would suggest you to contact a tax consultant in this regard. It would be better to take his opinion in this matter.
Thanks
I would suggest you to contact a tax consultant in this regard. It would be better to take his opinion in this matter.
Thanks