Life writes different scenarios. We are often forced to make great decisions that are of great importance for our future. It also happens that the current conditions do not allow us to function properly and it is necessary to borrow the amount. Often, we decide on this step and ask your friends or family for help. How do I apply for a family loan? How can we avoid all formalities sacrificing us? We will answer these and other questions in today’s release of our guidance article. We invite you to read this carefully and we wish you nothing but success not only in financial matters. See http://trojanestate.com for the scoop
What loan is this?
Borrowing money and other material means has been known since ancient times. We can not always afford all the most important issues, which is why we often choose this way to receive a quick injection of cash.
A loan is colloquially an operation whose purpose is to provide the natural person or institution with the necessary amount. It is worth in such moments, if we need to use this type of solution, for example, become interested in the issue of taxation. If you have any doubts when applying for or when planning a loan, it is perfectly normal. In such moments it is very important to maintain common sense and your own opinion.
A loan from a family
If you are wondering what a loan from a family is and if you can actually apply for it yourself, this article is for you. The laws in force in Poland clearly allow for cash loans from family or close friends. However, it is worth knowing some very important issues when providing or using such assistance.
Considering a loan from a family, it is worth trying to draw up and sign the appropriate loan agreement by two parties.
What does this kind of formal security attempt guarantee? First of all, this is an extremely important issue for the lender. It is his responsibility to make every effort to bring this type of agreement to effect. In this way, by borrowing money, he additionally protects it and receives a guarantee that it will be returned.
Elements necessary to draw up a family loan agreement
First of all, the basic elements that the family loan agreement should be enriched with are certainly information on aspects such as:
- what the person borrows;
- details of both lender and borrower;
- the interest rate at which the lender decides to borrow his free funds;
Given the family loan agreement, it’s a good idea to enter your relationship. This type of contract does not need to be confirmed with a notary public, however, two copies must be signed so that each party receives proof of the transaction being concluded. It is up to the borrower to be interested in timely taxation. The amount possible to receive thanks to a family loan
The applicable law unanimously confirms that the loan, including that from the family, must be taxed at 2% of PCC tax. Fortunately, there are a few minor exceptions to the rule that you can use to not pay tax legally.
When deciding on a loan from your immediate family, it’s worth spending time on its value. If, if the husband, wife, parents, grandchildren, etc., undertake to pay us a loan of up to PLN 9,637, the funds we receive will not be taxed. A tax exemption is also possible in special cases, despite exceeding this amount. Nevertheless, this fact should be reported to the Tax Office together with a confirmation document in due time.
Consequences of exceeding the amount of PLN 9,637
If you do not want to commit to paying tax in such a situation, you can do so. All you have to do is meet the necessary conditions. It turns out that in this case it is necessary to document by the recipient the loan that was on his bank account and to submit the PCC-3 declaration, which concerns the tax on civil law transactions. The document should be submitted to the relevant tax authority within fourteen days from the date of the act.