All Questions
51
questions
0
votes
1
answer
98
views
Minimizing tax liability in business purchase w/ personal loan from other partner
I'm purchasing an existing business with a business partner. They're in a better position than I am regarding liquid assets. I've got most of my assets in positions where I'd be paying high short term ...
user12007
2
votes
1
answer
63
views
Consequences of frequent share holder loan and repayment to and from my Ontario Corporation?
Let's say I have an Ontario Corporation in Canada. My corporate fiscal year is from July 1 to June 30. I also have a personal line of credit with my personal bank and I owe $50k to the bank. The ...
- 839
1
vote
0
answers
138
views
Are indexed universal life insurances of any use from a tax mitigation standpoint (= looking at after-tax returns) vs. a regular investment account?
I am a US lawful permanent resident. I am interested to know whether indexed universal life insurances have any upside from a tax mitigation standpoint compared to a regular investment account. I.e., ...
- 11.4k
2
votes
2
answers
247
views
What are the legal and tax implications of crypto lending?
With high interest rates for crypto loans, I'm currently thinking of lending out my cryptocurrency on a crypto lending platform like Celsius Network. However, I'm not too sure about the implications ...
- 167
4
votes
1
answer
488
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
3
votes
2
answers
1k
views
Borrow and return HSA funds in same tax year - taxes and/or penalty?
I've had an Health Savings Account for several years now, and I know I can only take out funds from it for qualified medical expenses.
I'm wondering if there will be any taxes and/or penalties if I do ...
- 133
5
votes
2
answers
252
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
0
votes
3
answers
520
views
If I owe £100k as a directors loan, do I have to pay back £100k
If I have a directors loan of £100k taken out in the UK and I am now look to pay this back. Would I be looking to pay the full £100k or is it calculated differently?
I am slightly confused here, when ...
- 219
2
votes
1
answer
51
views
Paying taxes on a converted old retirement account to a Roth IRA from a 401K loan from current employer?
I have an old 403B plan, I am 47 years old and would like to convert part of it to a Roth. I would like to convert $100k to the Roth, but will then have to pay taxes on the conversion. Lets just say ...
- 21
0
votes
1
answer
430
views
Provided a loan to business, can I write off the loan amount?
I provided a close friend of mine a loan to help his company through Covid-19 times. The loan has an annual interest rate of 6%. Am I able to deduct the loan amount from my taxes?
- 123
2
votes
1
answer
78
views
NRI loan repayment in India
One NRI took loan from me (also NRI) in Saudi Arabia, but about 2 months ago left for good to India.
Now he has no option but to pay me in India, this money that he will transfer to my account may ...
- 21
2
votes
0
answers
93
views
COVID-19 SBA loan forigveness
The COVID-19 Paycheck Protection Program includes provisions for forgiving those loans.
Normally when debt is forgiven you have to pay taxes on the forgiven debt.
Will recipients of Paycheck ...
- 3,832
2
votes
2
answers
310
views
Loaning money to your small business by billing yourself and paying with personal credit card?
Can you loan money to your own small business by billing yourself and making a payment to it with your personal credit card? How would the accounting work on that? The business isn't actually billing ...
- 121
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
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