When I loan from someone are they suppose to add taxes?
My family likes to loan at banks and other people to acquire the things that they need and sometimes what they want. As a part of this family, I am affected on what causes may occur when you are loaning. I do not know how things work with this loaning stuffs and if it tax related. I just know that we borrow money and pays it back more than what we borrowed.
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When you are loaning at the banks, they break you down the percentage of how much you will loan and how much interest will be added to it. For example, when you are loaning for a car, it can take up to seven years of payment with 12% interest. Of course you are acquiring a product and every product have its taxes. When you loan to other companies the interest rate is different from the bank.