When I loan a friend money, does he have to pay taxes on that loan? If I tell him that he can take as long as he wants to pay me back, does he have to pay taxes on that loan? What if a year later I decide to cancel that debt, does he have to pay taxes on it then?
Making the loan in the first place does not create a tax liability for either the lender or the borrower. Beyond that, talk to a tax advisor.
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Making the loan in the first place does not create a tax liability for either the lender or the borrower. Beyond that, talk to a tax advisor.
