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Disputes often arise over whether money given to friends or neighbors is classified as a loan or a gift. A key factor in determining this distinction is proper documentation. Written contracts or agreements are crucial, even if they seem overly formal in personal relationships. An effective approach is to send a text message confirming the loan details, such as the amount and repayment terms. This provides clear records for both personal and tax purposes. If the borrower acknowledges this message, it helps substantiate the loan. Conversely, a lack of acknowledgment might suggest a self-serving interpretation of the transaction, complicating its classification.
