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Do they have to impute interest income every year to call it a loan? Probably just easier to file the gift tax form.
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I think I have read that if you have legal title or equitable ownership you can deduct the interest and taxes you paid, even if not directly liable for the loan...
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Thanks. I did explain the loan and they don't want to make it formal. It is however a loan. I would be tempted to just explain it to them and not file 709. It i...
