Essay
Your brother needs a home desperately, and you have been transferred to Jakarta. He cannot get a conventional loan because he has terrible credit. You decide to sell him your house, with a right of first refusal. You do a seller-financed transaction even though you are pretty certain that your brother will never pay much on the debt. Because he is your brother, you decide to charge him no interest. If the IRS finds out about this arrangement, what might be the tax consequences?
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The IRS requires that you charge a minim...View Answer
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