All Questions
51
questions
2
votes
3
answers
228
views
Can I temporarily borrow from my IRA accounts? [duplicate]
I have several IRA mutual fund accounts in Vanguard Funds.
To pay taxes on time, I want to borrow some from the IRA's, but then pay it back within 60 days.
Does the IRS allow this?
- 676
1
vote
2
answers
225
views
Smartest Place to Put Tax Refund
Background:
I graduated from university 9 months ago with roughly $30k USD in student loan debt, with interest rates from 3.1% to 6.5%, minimum payments are $300/month. Loan balances are from $2500 ...
- 111
5
votes
3
answers
774
views
gift is taxable but is "loan" or "debt" taxable?
For tax purpose in the US, what are the differences between
(a) you give away your money - gift tax?
(b) you loan someone some money - tax free?
(c) you pay back the debt you owe - tax free or tax ...
- 1,029
3
votes
1
answer
2k
views
Loan from friends living abroad
My friends living abroad [non Indians] are ready to provide me financial loan for the purpose of education of my children. If this money comes via inward remittance, what should be the appropriate ...
- 31
4
votes
1
answer
2k
views
Is the repayment of monies loaned to my company considered income?
I have been working diligently for years to get my business off the ground. I have been funding its monthly operation via my personal funds, each month lending the company (an LLC) just enough to pay ...
- 41
0
votes
1
answer
105
views
What kind of taxes should I expect from a business loan interest?
For example, if I lend a small business $100,000, and they'll pay me back $10,000 in one year. How would I expect taxes to be done?
Would the $10,000 be considered ordinary income, or capital gains, ...
- 103
2
votes
1
answer
469
views
Wire transfer from India to US
I would like send/lend money from US account to My brother-in-law's Indian account(international wire transfer) for 30 lakhs. This will be no interest loan to him. My brother-in-law needs this money ...
- 21
0
votes
1
answer
4k
views
Tax implications of dad paying cash for my home, and me paying him back?
My father found a better loan than us, so we are thinking about him giving us the money for the house, we pay cash for the house so we get it under our name, and then we pay to him every month for the ...
- 3
0
votes
1
answer
2k
views
How to send full loan amount to India from Saudi Arabia?
I work in Saudi Arabia,
I took a loan here, nearly 10 lakhs Indian Rupees (1,000,000 Indian Rupees).
My questions are:
How to send the full loan amount from Saudi Arabia (money exchange), because I ...
2
votes
1
answer
2k
views
Gift loan and the 100k rule
My uncle gave me a zero-interest 70k loan. I immediately used it to pay off a big chunk of my student loans. As I understand, under the 100k rule he doesn't owe any tax on imputed interest as long as ...
- 131
2
votes
2
answers
20k
views
How can I bring loaned money back to US from India
I am a US permanent resident and I loaned some money to my father in law in India early last year. I transferred US dollars from my US bank account to my NRI (Non resident Indian) account (Indian ...
- 123
0
votes
1
answer
168
views
Is it taxable if someone return me money?
I lent a friend around $10K to help him start a own small business. Now he has started earning money and wishes to return my money plus some extra (~500) to acknowledge my help.
Is the money ...
- 401
1
vote
2
answers
5k
views
How do you declare an interest free loan?
In the discussion around this question about gift tax it was said that a loan must be at market rate, or it is not considered a loan.
Respecting the wisdom of the people who said that, I'm unclear ...
- 33.8k
5
votes
1
answer
520
views
Is the interest on a non-bank loan for a house still considered tax deductible?
I'm trying to buy a house that's listed as not inhabitable in its current state. I want to buy it so I can repair it and live in it.
I have all the financials I need, and I have excellent credit, but ...
- 175
4
votes
2
answers
326
views
When getting a business loan, does it look better to owe the IRS or the credit card companies?
I am looking to take out a $40,000 loan to buy out my mother's existing business, that is doing quite well. I explained to the loan officer, in a phone conversation, (I have not yet sent in my ...
- 41