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Each month, the IRS provides various prescribed rates for federal income tax purposes. These rates, known as Applicable Federal Rates (AFRs), are regularly published as revenue rulings.
The IRS has released (Rev. Rul. 2024-24) the Applicable Federal Rates under Sec. 1274(d) of the Internal Revenue Code for November 2024. These rates are used for various tax purposes, including minimum rates for loans. There are rates for "short-term," "mid-term," and "long-term" instruments.
The applicable federal rate (AFR) is the minimum interest rate that the Internal Revenue Service (IRS) allows for private loans.
Find quarterly interest rates on tax underpayments and overpayments for individuals and businesses and information on how interest is calculated.
This revenue ruling provides various prescribed rates for federal income tax purposes for June 2024 (the current month). Table 1 contains the short-term, mid-term, and long-term applicable federal rates (AFR) for the current month for purposes of section 1274(d) of the Internal Revenue Code.
AFR is the minimum interest rate the IRS allows for private loans. The three types of AFRs are short-term, mid-term, and long-term. The IRS publishes AFR rates every month. You can charge below the AFR rate when you lend money to a family member, but a lower rate may result in tax consequences.
The IRS has issued (Rev. Rul. 2024-15) the Applicable Federal Rates (AFRs) for August 2024 under Sec. 1274(d) of the Internal Revenue Code. These rates serve various tax purposes, including setting minimum rates for loans.