All Questions
37
questions
0
votes
1
answer
99
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
1
vote
0
answers
140
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
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
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
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
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
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 ...
- 3,842
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
1
vote
2
answers
130
views
System of paying money for the apartment
I want to live in the U.S. for half a year and was trying to figure out how much the apartment price will be. I was looking at a shared room website and I found the word “from $875”or so. What does “...
- 31
0
votes
2
answers
348
views
Is there any loan that leverage tax for H1b holders?
I am here in US through H1B. I have a decent amount of loan back in India. Also I am paying a lot in Tax here.
Is there any way I can get any loan here in US and pay off my loan in India and reduce ...
- 101
3
votes
1
answer
157
views
How do I minimize taxes when transferring money to my wife and child?
I, as US non-resident, transferred some money from my US bank account into my wife's and son's US bank accounts. Some people say that it is classified as a gift and obligated for taxation, because we ...
- 31
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
3
votes
1
answer
531
views
Student Loans: Income-based repayment & income tax bomb
Situation: I have a pretty sizable student loan burden ($150,000 with 6% interest), where I can't afford the regular payments (about $2000/month) with my current salary ($60,000) at job I'm starting ...
- 31