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In this video, Paul Herman from Hermann and Company Certified Public Accountants explains the tax implications of a promissory note. A promissory note is a written promise to pay someone under specific terms, including interest rate and repayment date. The person making the loan will receive taxable interest income, reported on their tax return as ordinary income. The treatment for the person making the interest payment can vary. For example, if someone buys a car and agrees to pay $10,000 but can only afford $5,000, the remaining amount can be paid over time.
