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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 ...
A personal loan, on the other hand, is a form of debt that must be repaid. ... Tax deductions and personal loans. A tax-deductible expense is money a taxpayer can subtract from their gross income ...
For example, if the lender cannot legally enforce the debt, then the taxpayer is not liable for that debt and will therefore not have tax consequences. [22] If one of the two requirements are met, then the taxpayer must show that they fall under one of the five exclusions in order to avoid tax consequences on the COD Income.
This service of loans-on-tax-refunds was advertised in the local area between 1985 and 1987. The refund advance loans became a success from the start and a sensation in the area in 1986 and 1987 and was the first and only firm in the United States that was offering that service according to the IRS. [citation needed]
Benefits of cosigning. Drawbacks of cosigning. You can help a loved one qualify for a loan. You assume full liability for payments and late fees if the main borrower falls behind or files bankruptcy
The tax is levied on both the gasoline and on the federal and state excise taxes, resulting in a form of "double taxation". The sales tax is included in the metered price at the pump. The California excise tax on gasoline as of mid-2011 is 35.7 cents per gallon for motor fuel plus a 2.25% sales and use tax, 13 cents per gallon for diesel plus a ...
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 ...