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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.
What Is the Applicable Federal Rate (AFR)? The applicable federal rate (AFR) is the minimum interest rate that the Internal Revenue Service (IRS) allows for private loans.
The IRS has released (Rev. Rul. 2024-21) the Applicable Federal Rates under Sec. 1274(d) of the Internal Revenue Code for October 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.
Applicable federal rates (AFR) Download your free report to stay up to date with the latest in applicable federal rates
These rates are used for a number of different purposes under the Internal Revenue Code, including the determinations of original issue discount and unstated interest and the gift tax and income tax consequences of below-market loans under section 7872.
An Applicable Federal Rate (AFR) is the lowest interest rate the IRS requires for private loans. Learn why the AFR matters for lending and interest rates.
This revenue ruling provides various prescribed rates for federal income tax purposes for October 2021 (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.
The webpage provides information on Applicable Federal Rates (AFRs) including short-term, mid-term, and long-term rates.
This revenue ruling provides various prescribed rates for federal income tax purposes for August 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.
The Applicable Federal Rate, or AFR, is the minimum rate of interest that can be charged on private loans without incurring taxes. If a loan's interest falls below the Applicable Federal Rate, the loan can trigger a taxable event.