Taxable Accrued Interest Paid
October 31st, 2008
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Question: It the accrued interest taxable in current year?
I have a promissory note from a relative that promises to pay accrued interest from an estate ( the person is still living) , To keep peace in the family I agreed to it. Cash is tight and I do not wish to pay income tax on money I do not have and might never see.
Answer: All debt obligations bearing interest even if it doe's not make annual payments including private notes made after 1990 are required to report accrued interest on the annual anniversary date every year. If you end up having a loss on this investment the whole amount of the loss can be carried back three years or carried forward ten years.
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