Just a quick internet search:
“The IRS mandates that any loan between family members be made with a signed written agreement, a fixed repayment schedule, and a minimum interest rate. (The IRS publishes Applicable Federal Rates (AFRs) monthly.)”
https://www.schwab.com/learn/story/family-loans-should-you-lend-it-or-give-it-away
Thanks. I wouldn’t have imagined anything like that. Then in that case, you could just call it a gift, couldn’t you?
What in the devil business is it of the IRS, HOW anyone would want to handle such a transaction among family members? NUTS!
Now that I’ve given my opinion, I will read at the link. I retired many years ago and have never felt the need to look at anything like this in years...
Gifts up to $16,000 are excluded from the IRS requirements.