OT: Mechanical questions regarding KIVA.org - Saab General Bulletin Board - Saabnet.com
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OT: Mechanical questions regarding KIVA.org
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Posted by MI-Roger [Email] (#882) [Profile/Gallery] (more from MI-Roger) on Sun, 17 Aug 2008 16:29:47 Share Post by Email
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I read here 2 or 3 months ago of Saabnet becoming a contributor towards KIVA. Previous to this I had read articles describing the concept of Micro-financing and how it can be a powerful tool to eliminate poverty in developing countries. Today my wife and I received an e-mail from a friend who is also a KIVA member(?) and encouraging her like minded friends to do so also. She is now funding her third "client" after receiving full payment on her two previous loans.

Now for my questions:
1) I assume if a loan is defaulted, the funds provided can be deducted as a contribution to a charitable organization. Is this correct?
2) How does an individual treat the small income generated from loans that do not default? The 1040 form lists interest received from individuals, but is this the right classification?
3) Would this be considered as foreign interest and treated as such on the 1040?
4) Do the members receive any income from the loans? It appeared from the website that there is income associated with a successful loan, albeit so small that the lender's motivation is obviously humanitarian in nature and not income directed.

The website does not mention any of these items, at least not that I could find.

Thanks for any added information.

posted by 24.23.71... 

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2008 9-5 Aero Sedan, sold at 227K miles
2006 9-3SC 2.0T - Wife's daily driver
2000 Viggen Convertible - Sold May, 2022
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