I need to transfer money (tax paid) from my US bank account to friendís foreign account (friendís company account in china). He will return me money in 6 months to 1 year.
My question is when he returns me money back say after 6-12 months, would there be any taxes/charges or other issues? I am not expecting any earning/rewards in return.
Also Ė when he returns money, does he need to return from same bank account or he can return from any of his accounts (just thinking if he changes bank a/c or something during this time)?
I just do not want any issues/penalties/taxes for interest free lending to close friend/family abroad.
Can you please help?