Legal Question in Credit and Debt Law in Tennessee
My sister made a loan her home for $90.000 dollars and lent her boy friends family the money. My sister died the loan went into default on the home. To my knowledge the family did not sign a letter of debt to my sister, but used the money to rebuild a family home. My question is if he got the $90.000 and did not pay it back would that be considered a gift. And would a gift tax apply?
Asked on 12/21/11, 8:07 am
1 Answer from Attorneys
Ryan Nevin
Nevin Law Firm
It could be considered a gift or income. In either case, it seems like some type of tax is required to be paid.
Answered on 12/21/11, 10:28 am
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