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If the money is not a loan but a gift that is not expected to be paid back, then the family members need to consider whether that money could be considered a taxable gift, Schnusenberg said.
There are two main ways to give significant amounts of money to a family member: gifts and loans. Each has its own tax consequences and advantages. In the case of a loan, if you want this not to ...
Ken and Daria Dolan, America's First Family of Personal Finance, answer your money questions every Friday. Click here to ask Ken and Daria your question.Lending money is a touchy subject and in ...
The tax consequences of a disposition depend on whether the taxpayer acquired the property with the nonrecourse debt already attached, or whether the taxpayer took out the nonrecourse debt after acquisition of the property, and the relative relationships between fair market value and purchase price and disposition price. Upon a sale or other ...
A mortgage is a legal instrument of the common law which is used to create a security interest in real property held by a lender as a security for a debt, usually a mortgage loan. Hypothec is the corresponding term in civil law jurisdictions, albeit with a wider sense, as it also covers non-possessory lien .
Key takeaways. Since lenders require you to repay a personal loan, they are considered debt and not taxable income. If a lender forgives some or all of the loan, you may have to pay taxes on the ...
At 7.25%, California has the highest minimum statewide sales tax rate in the United States, [8] which can total up to 10.75% with local sales taxes included. [9]Sales and use taxes in California (state and local) are collected by the California Department of Tax and Fee Administration, whereas income and franchise taxes are collected by the Franchise Tax Board.
Although it may be more convenient to ask for a loan from a family member than to pay a visit to the bank, be aware that mixing money and relationships can sometimes have dire consequences ...