#7 Lend money to your spouse

Lend money to your spouse (7) A higher-income spouse or partner can lend money to a lower-earning spouse or partner in order to invest. There must be a promissory note that includes the federal prescribed interest rate. Your spouse would report the investment income. The annual interest is claimed as a tax deduction. The higher earning spouse would pay tax on the interest income that you receive in that calendar year.

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3 Responses

  1. These tips are very interesting. Some things I didn’t know & I will be helping my folks on how to better handle their pensions. Thanks John McCormack!

  2. Having read this I believed it was really enlightening.
    I appreciate you taking the time and energy to put this content together.
    I once again find myself spending way too much time both reading and commenting.
    But so what, it was still worth it!

    • Thank you for taking the time to comment -feedback is appreciated very much!

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