Ellen borrowed $50,000 from her parents for a down payment on the purchase of a new home.

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Ellen borrowed $50,000 from her parents for a down payment on the purchase of a new home. She paid interest of $3,200 in 2012, $0 in 2013, and $9,000 in 2014. The IRS disallowed the deduction. What explanation can you offer for the disallowance?
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South Western Federal Taxation 2015

ISBN: 9781305310810

38th Edition

Authors: William H. Hoffman, William A. Raabe, David M. Maloney, James C. Young

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