I've recently learned through this sub that a loan I had with my late family memeber (used to purchase the property in which I reside) won't be deemed legitimate by NTA, based on the fact that there are no details on an interest rate to form part of the agreement.
This loan was engaged some 4 years ago which I now suspect means that not having filed the illegitimate loan as a 'gift' has opened an immense can of worms.. Would I be correct to understand the liability to be a penalty and interest rate over the 4 year period plus the gift tax, even if I file this now?
I should note that I am not a resident of Japan and the subject property is also overseas, of that makes any difference at all. The issue is that I held an address in Japan for a short while within the past decade so irrespective of my residency I've understood I am open to gift/inheritance liabilities.
by Muntedpickle