SueL12 (California)
Posts: 1
Posts: 1
Posted:
Can a homeowner/board member loan money to his HOA? If so, must he charge the HOA interest? If so, is there a number for that interest?
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Can a homeowner/board member loan the HOA money?
Started by SueL12 • 5 replies • 761 views
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JohnC46 (South Carolina)
Posts: 14,265
Posts: 14,265
Posted:
Must he charge interest? No.
The interest rate is the decision of the one loaning the money and the borrower accepting the rate..
The interest rate is the decision of the one loaning the money and the borrower accepting the rate..
SamE2 (New Jersey)
Posts: 310
Posts: 310
Posted:
I thought you had to charge interest or it was treated as giving the interest as a gift for the IRS.
MarkM31 (Washington)
Posts: 494
Posts: 494
Posted:
Interest is so low right now that it's not really going to exceed any IRS threashold.
SteveM9 (Massachusetts)
Posts: 3,699
Posts: 3,699
Posted:
Can a homeowner/board member loan the HOA money?
Yes. But the HOA would be foolish to take a loan or do business with anyone who is not in that business of doing that. A bank is also regulated by the government. An regular guy lending money is not.
Yes. But the HOA would be foolish to take a loan or do business with anyone who is not in that business of doing that. A bank is also regulated by the government. An regular guy lending money is not.
MelissaP1 (Alabama)
Posts: 13,836
Posts: 13,836
Posted:
Stupid idea. Done.
Former HOA President
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