john loans his son $40,000. his son never pays it back and john deducts $40,000...
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john loans his son $ his son never pays it back and john deducts $ as a non business debt on his subsequent tax return. the irs may choose to reclassify it as a gift thats not tax deductible. which factor below would indicate that its not a loan, it a gift?
john loans his son $ his son never pays it back and john deducts $ as a non business debt on his subsequent tax return. the irs may choose to reclassify it as a gift thats not tax deductible. which factor below would indicate that its not a loan, it a gift?
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