Parents want to lend me 50K to buy a vehicle, I would pay it back interest-free over a few years. Are there any tax issues or things I need to be aware of?
As the title states. My parents have a large amount of cash just sitting in a savings account and not producing any interest.
Instead of financing a car loan from the bank or liquidating my assets, they suggested that they would lend me the total amount and I would pay them back incrementally over a few years. Is there anything that I need to know in terms of being lent a large amount of money, that the government would interested in?
TIA
I Should have said a number lower than 50K. I am receiving quite a bit of hate. Feel free to read it as 5K and go on about your day.
submitted by /u/No-Construction-8689
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