This Weeks Tax Tip
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Tax Law
- If your spouse earns income from funds that you have loaned or given to her the income earned on this is taxed in the transferor's hands.
- Planning Point
- If you lend your spouse $100,000 that is used to aquire an interest in an active business property there is no attribution back to the transferor. Also interest earned on interest is not attributed back.
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Tax tips will be posted here on a weekly basis for your information.