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Question : is it illegal to start a lending tree?
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.
- asked by didnotknow123
All Answers: Answer #1No - loans are not considered gifts when it is a businessYou will need a large wad of cash, an youwill have a few reams of regulatory paperwork tofile and get approved through your local, county,and state agencies.
- answered by Michael F
Answer #2
Loans are not gifts. The interest you earn fromlending money is fully taxable.Lending Tree doesnot franchise so you won't be able to open one ofthem.
- answered by bostonianinmo
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