I am about to ask a relative for a loan to purchase a land parcel for a future home site. I am going to pay back the loan plus interest just as if it were from a financial institution. Is the interest tax deductible? What paperwork would we have to draw up? What forms would be required? Would he/she have to pay income tax on the earnings?

Popularity: 17% [?]

My daughter has two very high interest student loans. Her credit won't let her do anything, but I can "refinance" it with me getting the loan using my credit. But is it still a "student" loan that she can deduct. She is making the payments and her name will be also on the loan (ironically, she will co-sign for me). This seems to be some gray area once the loan gets moved around. Just want to make sure the "chain of custody" still makes the new loan interest tax deductable. Hope this made sense and thanks for your help.

Popularity: 2% [?]