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Is loaning interest-free money to relatives illegal?
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Thread created 02-04-2013 by MsGal
0 Score 47 Replies 6,471 Views
Post #57635908 added 02-17-2013 4:47 AM by StarNova in Archived Deals
We sold my husband's car to a family member for $1. Told we shouldn't gift a vehicle but "sell" it.
Is loaning interest-free money to relatives illegal?
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Thread created 02-04-2013 by MsGal
0 Score 47 Replies 6,471 Views
Post #57715074 added 02-20-2013 1:36 PM by sd444 in Archived Deals
Get rid of it and everyone will be paid in "gifts" i.e. no taxes would be paid.
Is loaning interest-free money to relatives illegal?
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Thread created 02-04-2013 by MsGal
0 Score 47 Replies 6,471 Views
Post #57625222 added 02-16-2013 12:23 PM by StarNova in Archived Deals
Seriously, if you are talking about a considerable amount of money, you should find someone you trust, like an accountant, who knows the laws. Right now (from my basic understanding) the dad can...
Is loaning interest-free money to relatives illegal?
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Thread created 02-04-2013 by MsGal
0 Score 47 Replies 6,471 Views
Post #57380720 added 02-05-2013 9:53 AM by dealgate in Archived Deals
Doh! No, it is $13k.
Is loaning interest-free money to relatives illegal?
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Thread created 02-04-2013 by MsGal
0 Score 47 Replies 6,471 Views
Post #57381578 added 02-05-2013 10:25 AM by dhc014 in Archived Deals
There was no estate tax for inherited estates valued under $5 million prior to 2013 (now it's under $1M). You may gift up to $13k / year to someone tax-free. A married couple can each gift $13k, with...
Is loaning interest-free money to relatives illegal?
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Thread created 02-04-2013 by MsGal
0 Score 47 Replies 6,471 Views
Post #57399546 added 02-06-2013 4:07 AM by dealgate in Archived Deals
A gift is a gift however. I don't think giving expensive gifts is a loophole to tax evasion.
Is loaning interest-free money to relatives illegal?
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Thread created 02-04-2013 by MsGal
0 Score 47 Replies 6,471 Views
Post #57387348 added 02-05-2013 1:49 PM by PiratesSayARRR in Archived Deals
Correct. You could have just asked me.
Is loaning interest-free money to relatives illegal?
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Thread created 02-04-2013 by MsGal
0 Score 47 Replies 6,471 Views
Post #57372906 added 02-04-2013 11:42 PM by MsGal in Archived Deals
I had lunch with a friend today and she was telling me that she and her husband inherited a large sum of money a few years ago. Because of the tax implications after the "one-time gifting", she and...
Is loaning interest-free money to relatives illegal?
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Thread created 02-04-2013 by MsGal
0 Score 47 Replies 6,471 Views
Post #57739998 added 02-21-2013 1:14 PM by MadRhetoric in Archived Deals
http://en.wikipedia.org/wiki/Sales_taxes_in_the_United_States#Distinguishing_goods_from_nontaxable_items The majority of states don't tax groceries.
Is loaning interest-free money to relatives illegal?
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Thread created 02-04-2013 by MsGal
0 Score 47 Replies 6,471 Views
Post #57745676 added 02-21-2013 5:46 PM by 0mega in Archived Deals
100% true and chances are you are not paying taxes on groceries when you are shopping and you don't even realize it. Go buy a steak from publix. It will scan for the amount on the label and you...
Is loaning interest-free money to relatives illegal?
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Thread created 02-04-2013 by MsGal
0 Score 47 Replies 6,471 Views
Post #57741652 added 02-21-2013 2:21 PM by MsGal in Archived Deals
Then NONE should be allowed to charge it. I live in the city limits, less than one mile from the county line. If I lived in the county, my property taxes, car tags, school taxes and all...
Is loaning interest-free money to relatives illegal?
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Thread created 02-04-2013 by MsGal
0 Score 47 Replies 6,471 Views
Post #57769204 added 02-22-2013 4:49 PM by slapshot136 in Archived Deals
would it still be illegal if the market interest on such a loan was below 13k a year? (that's a LOT of interest), such that they are only gifting the interest amount each year?
Is loaning interest-free money to relatives illegal?
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Thread created 02-04-2013 by MsGal
0 Score 47 Replies 6,471 Views
Post #57645696 added 02-17-2013 3:24 PM by slapshot136 in Archived Deals
what exactly determines "book value"?
Is loaning interest-free money to relatives illegal?
Expired
Thread created 02-04-2013 by MsGal
0 Score 47 Replies 6,471 Views
Post #57625386 added 02-16-2013 12:34 PM by Geronemo3 in Archived Deals
Not that I can afford it, but if I gave my retired dad a car would that put me or him in trouble?
Is loaning interest-free money to relatives illegal?
Expired
Thread created 02-04-2013 by MsGal
0 Score 47 Replies 6,471 Views
Post #57397508 added 02-05-2013 10:12 PM by MsGal in Archived Deals
Thank you for this info. I had no idea that loaning interest-free money was illegal. I have no idea how much they lent their kids but if the IRS took notice, I'm guessing it was a pretty large...
Is loaning interest-free money to relatives illegal?
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Thread created 02-04-2013 by MsGal
0 Score 47 Replies 6,471 Views
Post #57713666 added 02-20-2013 12:45 PM by MsGal in Archived Deals
I think it's such BS that you're taxed when you earn it, taxed when you spend it, taxed when you save it, taxed when you give it away and then taxed when you die.
Is loaning interest-free money to relatives illegal?
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Thread created 02-04-2013 by MsGal
0 Score 47 Replies 6,471 Views
Post #57739492 added 02-21-2013 12:56 PM by MadRhetoric in Archived Deals
But this isn't true. YOU aren't taxed for all those events. When you give away money or leave it as an inheritance, the people receiving it are taxed. And I don't know what you mean by you're taxed...
Is loaning interest-free money to relatives illegal?
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Thread created 02-04-2013 by MsGal
0 Score 47 Replies 6,471 Views
Post #57758750 added 02-22-2013 9:37 AM by MsGal in Archived Deals
Do you try to be wrong in everything you say or are you just naturally stupid??? :huh: I'm done here.
Is loaning interest-free money to relatives illegal?
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Thread created 02-04-2013 by MsGal
0 Score 47 Replies 6,471 Views
Post #57755234 added 02-22-2013 7:22 AM by Jelklan in Archived Deals
There are certain exceptions for direct payment of education funds and probably a few other things--so you can pay your child's college tuition without triggering the gift tax. Also, there's another...
Is loaning interest-free money to relatives illegal?
Expired
Thread created 02-04-2013 by MsGal
0 Score 47 Replies 6,471 Views
Post #57606986 added 02-15-2013 12:58 PM by PiratesSayARRR in Archived Deals
You don't become rich by not knowing where your money is. How did they access the cash? Form 709 is the form used for reporting transfers. I suppose you could not file it and run the risk of the IRS...
Is loaning interest-free money to relatives illegal?
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Thread created 02-04-2013 by MsGal
0 Score 47 Replies 6,471 Views
Post #57630254 added 02-16-2013 6:24 PM by corenom in Archived Deals
Should of checked with a cpa first. You learn about 'loopholes' like this in beginning tax.
Is loaning interest-free money to relatives illegal?
Expired
Thread created 02-04-2013 by MsGal
0 Score 47 Replies 6,471 Views
Post #57622392 added 02-16-2013 9:23 AM by Geronemo3 in Archived Deals
So one can't give that money to their own parents or sibling, aren't we paying taxes already?? there are countries with far lenient rules. Welcome to freedom.....LoL
Is loaning interest-free money to relatives illegal?
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Thread created 02-04-2013 by MsGal
0 Score 47 Replies 6,471 Views
Post #57627506 added 02-16-2013 3:17 PM by sd444 in Archived Deals
Was it a $100K+ vehicle? IRS doesn't have the time nor resources to come after you--ever. The OP has extravagant gifts to multiple people + something else. That something else triggered the...
Is loaning interest-free money to relatives illegal?
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Thread created 02-04-2013 by MsGal
0 Score 47 Replies 6,471 Views
Post #57743056 added 02-21-2013 3:25 PM by MsGal in Archived Deals
:huh: :lmao::lmao::lmao: Where the fark do YOU live????
Is loaning interest-free money to relatives illegal?
Expired
Thread created 02-04-2013 by MsGal
0 Score 47 Replies 6,471 Views
Post #57739784 added 02-21-2013 1:06 PM by MsGal in Archived Deals
I'll come back to everything else but right now I just want to talk about your comment "groceries aren't taxed". Uhhhh, I don't know where YOU live but here in MS we pay 7% tax on everything,...
Is loaning interest-free money to relatives illegal?
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Thread created 02-04-2013 by MsGal
0 Score 47 Replies 6,471 Views
Post #57746528 added 02-21-2013 6:31 PM by sd444 in Archived Deals
I think you seem to be exaggerating to prove your point. Notice the city roads paved better? More firehouses, schools, internet service, bus service, hospitals, etc, etc... There should be, and...
Is loaning interest-free money to relatives illegal?
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Thread created 02-04-2013 by MsGal
0 Score 47 Replies 6,471 Views
Post #57750526 added 02-21-2013 10:43 PM by MsGal in Archived Deals
*sigh* No. We pay 7% on ALL foods, doesn't matter the type. When I lived in FL we paid NO taxes on food. None! Now they pay tax on "junk" food and soda. No.
Is loaning interest-free money to relatives illegal?
Expired
Thread created 02-04-2013 by MsGal
0 Score 47 Replies 6,471 Views
Post #57604626 added 02-15-2013 11:30 AM by drew2money in Archived Deals
How does the government know you give people money anyway?? Do rich people really keep track of all their money??? If you give them cash, who is to know??? If they buy a car in there name, but...
Is loaning interest-free money to relatives illegal?
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Thread created 02-04-2013 by MsGal
0 Score 47 Replies 6,471 Views
Post #57645848 added 02-17-2013 3:31 PM by sd444 in Archived Deals
Quick way is to use Kelly blue book, edmunds, prices on craigslist, etc for the exact same car with exact milage. You have a lot of leeway to adjust it but attempting to bring down a $100K BMW isn't...
Is loaning interest-free money to relatives illegal?
Expired
Thread created 02-04-2013 by MsGal
0 Score 47 Replies 6,471 Views
Post #57648440 added 02-17-2013 6:03 PM by StarNova in Archived Deals
We're probably okay. It was older but still in good shape. But I would prefer giving it as a gift and taking care of things but it was the lady at the title office that recommended we "sell"...
Is loaning interest-free money to relatives illegal?
Expired
Thread created 02-04-2013 by MsGal
0 Score 47 Replies 6,471 Views
Post #57491226 added 02-10-2013 1:36 PM by dayv in Archived Deals
it isn't illegal but there are tax implications. i see stuff like this at work where people do stuff to reduce their net worth to qualify for federal benefits. i see it more with annuities and...
Is loaning interest-free money to relatives illegal?
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Thread created 02-04-2013 by MsGal
0 Score 47 Replies 6,471 Views
Post #57816548 added 02-25-2013 11:35 AM by acesmuzic in Archived Deals
:secret: that's true in ny but not everywhere, as already mentioned by MsGal http://en.wikipedia.org/wiki/Sales_taxes_in_the_United_States#By_jurisdiction
Is loaning interest-free money to relatives illegal?
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Thread created 02-04-2013 by MsGal
0 Score 47 Replies 6,471 Views
Post #57821252 added 02-25-2013 2:28 PM by WindySummer in Archived Deals
AND after 30 years Gynecologist/ Congressman Ron Paul is ONLY worth 2 - 5million? 05/14/2012 http://clerk.house.gov/public_disc/financial-pdfs/2012/8205628.pdf Did he GIFT AWAY? LOL...
Is loaning interest-free money to relatives illegal?
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Thread created 02-04-2013 by MsGal
0 Score 47 Replies 6,471 Views
Post #57387296 added 02-05-2013 1:47 PM by dealgate in Archived Deals
This is from my sister, a tax CPA. ***************** Technically that is correct. How it works is you can make a gift up to $13,000 per year/per person (but not over) and you’re done – it’s tax...
Is loaning interest-free money to relatives illegal?
Expired
Thread created 02-04-2013 by MsGal
0 Score 47 Replies 6,471 Views
Post #57740858 added 02-21-2013 1:48 PM by sd444 in Archived Deals
And you pay 1% less in state income tax than them. Taxes are just hidden elsewhere so. "TAX FREE GROCERIES1!1!" = higher taxes elsewhere. No state income tax usually means higher property taxes. ...
Is loaning interest-free money to relatives illegal?
Expired
Thread created 02-04-2013 by MsGal
0 Score 47 Replies 6,471 Views
Post #57820672 added 02-25-2013 2:04 PM by PiratesSayARRR in Archived Deals
You are arguing over semantics. Inheritance = Estate Tax = "Death Tax"
Is loaning interest-free money to relatives illegal?
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Thread created 02-04-2013 by MsGal
0 Score 47 Replies 6,471 Views
Post #57760260 added 02-22-2013 10:25 AM by rrc06 in Archived Deals
False. Only on selected foods (like candy, soda etc). Bakery items aren't taxed They also pay for plenty of fat, depending on the state you live in.
Is loaning interest-free money to relatives illegal?
Expired
Thread created 02-04-2013 by MsGal
0 Score 47 Replies 6,471 Views
Post #57742716 added 02-21-2013 3:07 PM by travathian in Archived Deals
Wahhhhhh, wahhhhhhhh, cry some more. Dear lord people, enough crying about taxes, your tax burden today is the lowest it has been in modern American history. Add on top of that the lowest interest...
Is loaning interest-free money to relatives illegal?
Expired
Thread created 02-04-2013 by MsGal
0 Score 47 Replies 6,471 Views
Post #57769888 added 02-22-2013 5:34 PM by MakeitRainDolla in Archived Deals
Terrible Idea..Either give them free money with no strings attatched or avoid lending money to family.
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