All Questions
8
questions
8
votes
1
answer
842
views
US: tax on revenues from loans (I'm the lender) and other services?
I have some spare money and would sometimes loan it to strangers in need on the internet. Let's say that I loan $100 and get $150 back after 5 weeks. Only that $50 should count as my income right? And ...
- 331
1
vote
1
answer
324
views
Income Tax Return: Is the co-op's mortgage (not the lending institution mortgage) a secured or unsecured loan?
I have two 1098 forms: One from the lending institution and another from the Corporation. For the lending institution 1098 form, I deduct the mortgage interest and there are no real estate taxes. It's ...
- 145
1
vote
0
answers
107
views
Personal loan to start the LLC now being paid back to investor / member of the LLC
I lent $85k to my own two partner LLC to purchase a property. I hold this as an interest bearing note against the property. I have been receiving a 1099-INT at the end of each year. Now, since the ...
- 11
5
votes
2
answers
328
views
How do I get my student loans that were waived due to disability, not to be treated as income by IRS?
I went to college, graduated and had a bunch of student loans.
I got them waived, on account of being permanently disabled. Now the loan organization is going to report this as income to the IRS. I'...
- 51
1
vote
0
answers
145
views
Tax return rejected, received a check
I filed my tax return in 2015 using TurboTax and received a check from both federal government and state. I am currently applying for a loan. When I downloaded the tax return statement (from ...
- 131
0
votes
1
answer
287
views
Personal loans and their tax consequences?
In the year of 2014, I had some personal loans from friends, family members, ranging from $1000 to $10,000 for each loan.
As a result, my business net was negative because I used the loans to expense ...
1
vote
1
answer
178
views
Mortgage-based budget spreadsheets?
Got my first pre-approval on a mortgage loan, for an amount much larger than I thought I would.
At first glance, it looks like more than my conservative mind would think is reasonable to spend on a ...
- 459
7
votes
2
answers
375
views
Options for giving an amount greater than the annual gift tax exclusion
Gifting up to $13,000/year (as of 2009) to someone is not subject to gift tax.
http://en.wikipedia.org/wiki/Gift_tax_in_the_United_States
Assuming that the individual receiving the money is older ...
- 815