All Questions
51
questions
15
votes
7
answers
5k
views
401k loan & repayment: double taxation?
I've heard a few people say that taking out a loan against your 401K and repaying it means that you are taxed twice:
You are repaying your loan using after-tax dollars
You are going to be paying a ...
- 733
9
votes
2
answers
751
views
Large loan at zero interest or very little interest?
I have a big problem but a lucky solution. I have a huge amount of debt, student loans that add up to hundreds of thousands of US dollars. I have a relative who is willing to give me a loan to cover ...
- 91
9
votes
2
answers
72k
views
I plan on receiving a $200,000 personal loan via wire transfer. Do I have to report this to the IRS?
After researching online, I found many websites that said wire transfers are not reported to the IRS, but others said that they were reported. I just want to make sure that I do not have to pay taxes ...
- 193
7
votes
1
answer
2k
views
Any Canadian tax shelter for lending to friends or family?
I am considering helping friends or family out of credit card debt, which is costing them ~18% per year by giving them a loan at more like ~3% (kind of like consolidated credit/debt).
Is there ...
- 243
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
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
5
votes
2
answers
257
views
Taking out a 401K Loan vs. Liquidating Investments - what's better?
Let's assume the following:
I need $50K for various expenditures (aka simply spending, not paying off CC debt or putting the money somewhere else).
I can either liquidate regular taxable investments ...
- 119
5
votes
2
answers
7k
views
What are the tax implications of lending to my own LLC?
Well, as I mentioned before, I'm buying rental property under the name of my LLC (California). I used cash for the purchases, but the initial investment I made in the company was not enough to cover ...
- 178k
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
4
votes
1
answer
493
views
401K Loan - Company switched providers and rules
My company (a large health co) merged with a larger Pharm Co. In this process, we basically got all the Pharm Co benefits. When with the health co, I took out a 401k loan which had the provisions that ...
- 41
4
votes
2
answers
239
views
Question about plausibility of an iffy financial transaction in a crime novel
This is a question about a financial transaction in a novel.
At the denouement of the book, An elderly, naive, innocent, middle-class couple who have been bilked by a loan racket run by extremely ...
- 1,900
4
votes
1
answer
242
views
When transferring money between two parties, under what circumstances is it considered taxable income?
According to this question, a 0% loan may not be legally considered a 'loan', but a 'gift', which is taxable.
When attempting to research it I came across this; According to the IRS: You are ...
- 49
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
3
votes
2
answers
767
views
How to get the lowest mortgage rate on a new purchase?
Looking for a home loan in the mid $400,000, with 20% down on the value price, a first home purchase and in the U.S.
What strategies can be applied to ensure the best interest rate possible?
What ...
- 459
3
votes
2
answers
220
views
Pay off taxes with new home loan
Bought our home for 230k in 2010. It will now sell for 390k. We are interested in buying our "dream home", which is 520k.
At this time we have $6k in owed taxes. Is it possible during the sale of ...
- 133