1/16/2020 · As the co-signer, you are legally bound to pay the debt if they don’t. Finally, lending money to friends or family members may even affect your tax situation. The gift tax exemption for 2020, set by the IRS, is $15,000. [ 2] If you lend someone money below the $15,000 mark, it may go ;· If you need some convincing, here are six reasons why lending money to friends or family is a bad idea. 1) You’re a last resort They’re likely coming to you because they can’t get a loan As Shakespeare wrote, “For loan oft loses both itself and ;. If you lend money to a friend or family member, beware that you may not get your money back and your relationship may never go back to normal. This will cause tension between you and the borrower, and may also cause guilt, remorse, and …11/8/2018 · Here is the key: If you loan money to a friend or a family member, you should write it to zero right away. You should assume you will not be repaid. You should assume the loan is a gift. You ;· Never Lend Money to a Friend Repeat: Just Don't Do It By Jeff D. Opdyke Staff Reporter of The Wall Street Journal July 6, 2003 12:01 am ET10 Reasons Why You Should NOT Lend Money to Friends & Family6 Reasons Why You Should Never Lend Money To Friends Or Family10 Reasons Why You Should NOT Lend Money to Friends & FamilyShould you borrow from family or friends? - Money Advice
