would i have declare this as income ?
Hello
Last year july i gave my friend $40K from my saving + LOC accounts because he was buying his first property. He told me he will repay 1 year after which i am okay with.
other day he was telling me that he will give me the money back first week of july.
would i be tax for the amount because i already paid tax last year,
how should i go about this transaction ? or is it just okay to put it in my account ?
Last year july i gave my friend $40K from my saving + LOC accounts because he was buying his first property. He told me he will repay 1 year after which i am okay with.
other day he was telling me that he will give me the money back first week of july.
would i be tax for the amount because i already paid tax last year,
how should i go about this transaction ? or is it just okay to put it in my account ?