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We aren't thinking of this as a money making venture, but wanted to be sure that things were properly reported to the IRS if any income was received. I would hate to see an effort like this shut-down because too many people were innocently reporting their involvement improperly to the IRS.
KIVA's website is very confusing on this. It describes in great detail the interest rate paid by the borrowers and how these rates are determined. I am sure I even read a sentence saying it would be my choice as to whether or not I received interest income. But no clear statement as to tax consequences. Possibly because this is an international effort (the latest loan made by our friend is part of a package with contributors from Norway and Sweden) and the tax issue is best left to experts in the individual countries.
posted by 198.208.25...
_______________________________________
Saabs owned:
2008 9-5 Aero Sedan, sold at 227K miles
2006 9-3SC 2.0T - Wife's daily driver
2000 Viggen Convertible - Sold May, 2022
1964 Quantum IV Formula Car - Retirement project
2000 9-5lpt Sedan, sold at 318K miles
Posts in this Thread:
- OT: Mechanical questions regarding KIVA.org, MI-Roger , Sun, 17 Aug 2008 16:29:47
- also - support for US entreprenuers is coming..., Scott Paterson , Mon, 18 Aug 2008 01:30:32
- Let me know if you want an invite..., Scott Paterson , Sun, 17 Aug 2008 22:17:43
- Re: OT: Mechanical questions regarding KIVA.org, Scott Paterson , Sun, 17 Aug 2008 18:57:26
- Thanks Scott..., MI-Roger , Mon, 18 Aug 2008 03:44:59 <-- Viewing This Message
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