is it illegal to start a lending tree?
didnotknow123 asked:
Just wandering if i have to pay any taxes or give any info to the irs, if loans are considered as gifts?
i use to put a 100 dollars in a pyramid type tree at a job i use to work at after all the money was collected about ten people or more they would draw numbers and if there was 10 or 12 people that would be your rotation, when you get your money you never get the full amont, if you get 10 people you would get 900 dollars, becuase you have to put back in for the other people the person in charge would be the one who does this, it works out pretty good just need the people to do it.
Just wandering if i have to pay any taxes or give any info to the irs, if loans are considered as gifts?
i use to put a 100 dollars in a pyramid type tree at a job i use to work at after all the money was collected about ten people or more they would draw numbers and if there was 10 or 12 people that would be your rotation, when you get your money you never get the full amont, if you get 10 people you would get 900 dollars, becuase you have to put back in for the other people the person in charge would be the one who does this, it works out pretty good just need the people to do it.
No - loans are not considered gifts when it is a business
You will need a large wad of cash, an you will have a few reams of regulatory paperwork to file and get approved through your local, county, and state agencies.
Loans are not gifts. The interest you earn from lending money is fully taxable.
Lending Tree does not franchise so you won’t be able to open one of them.