2 ms·
I do it all the time. Split a bill in a restaurant, repay someone for tickets that they bought for me, getting my flatmates to pay their share of the electric b
by theBobBob 9y ago
I do it all the time. Split a bill in a restaurant, repay someone for tickets that they bought for me, getting my flatmates to pay their share of the electric bill, paying a flatmate back for stuff that they picked up in the shops for me, loan someone money, get a loan to someone repaid, settling up after losing some money at poker. That's all within the last few weeks.
- kevin_thibedeau 9y agoToo much of that and it becomes taxable "income" in less advanced Democracies.
- theBobBob 9y agoReally? Most of them were just various ways of splitting or repaying bills. The loan I will admit might be in a somewhat legally grey area.
- jermaustin1 9y agoTraditionally only if you are charging an interest rate. There are a few rules in the US around lending money to non-family and expecting it to be paid back. IANAL, but I lend a lot of money, and this is what I've been told: If you give without the expectation it is typically just cash swapping hands in both directions. If you give money to a non family member and expect payments (with or without interest) OR to a family member and expect more than a rate that is defined at the IRS (<1%, IIRC), then the income is taxable. How they tax you on a no-interest loan to a non-family member, I have no idea.
- aianus 9y agoA no-interest loan to a non-family member is taxed as income to the borrower. They impute an interest rate and say that amount is income since a free loan has a value. I'm not sure what exactly the rate they impute is or how large the loan has to be before they do this.
- jermaustin1 9y agoAh, that is very similar to if the company you work for loans you money. I'm assuming the rate is probably the same as the max interest rate for a family loan.
- papyrus23 9y agoWhere on earth do you people live that receiving money for bills is "taxable income"?