How to Responsibly Loan Money to Family and Friends
The COVID-19 pandemic has caused a great deal of financial hardship for individuals and families. If you are in a position of financial security, you may be thinking of lending money to struggling family members or close friends. A little bit of help in these challenging times may be just what your loved ones need to get through until they can find work and get back on their feet again. While lending money to close family and friends is a kind gesture on your part, you should be aware that there are tax implications to plan ahead for.