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I want to borrow money, using a home equity loan, to pay off
I want to borrow money, using a home equity loan, to pay off my son's unsecured debt. Is the money I borrow counted as taxable income for me? If i pay off my son's debt is it counted as taxable income… read more
Robin D.
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Im thinking about buying a house for 799,000 and I'm an
Im thinking about buying a house for 799,000 and I'm an entrepreneur.So I asked my business partner to take a loan out on her, and I will pay her back in cash.How would my partner go about getting a l… read more
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socrateaser
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My wife and refinanced our home and we used part of the
My wife and refinanced our home and we used part of the money to pay off a HERO loan to CIT BANK, we use 19,281.48. Is it possible to deduct a % of that payment as a refund? … read more
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Lane
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I have been offered an investment loan from an out of
I have been offered an investment loan from an out of country investor.I'm an up and coming real Estate invester.I pay him 5% interest, once a year. For 5 years with balloon payment at end of 5th year… read more
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About debt to income ratios, when a lender determines a debt
about debt to income ratios, when a lender determines a debt to income ratio is the income figure after taxes (disposable income) the net income after deductions or before taxes ,… read more
Lev
Lev
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A friend of mine loaned me money in 2009 and I was never able
A friend of mine loaned me money in 2009 and I was never able to pay the loan back. This year he filed it as a loss on his tax return. Am I supposed to file that as income?… read more
Robin D.
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Hi, A C corporation is trying to get a loan from a overseas
Hi, A C corporation is trying to get a loan from a overseas company. Please let me know are taxes are applicable for this loan?… read more
Lane
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Hello.. I am hard money lender with a S.corp in California,
Hello.. I am hard money lender with a S.corp in California, I earn interest on money I loan to borrowers in California.. I have rented a house in Las Vegas and are moving to Nevada.. I am going to clo… read more
Megan C
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looking to see a bit about payback schedules on my loans and
looking to see a bit about payback schedules on my loans and determining pre-tax profits. lets say my s-corp amortized our 4 years of start up costs of 400k over 15 years. lets say we make 600k in rev… read more
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This is a series of related questions. Is it true that after
This is a series of related questions. Is it true that after Jan. 1st, anyone who is foreclosed on will be taxed on the difference between what is owed on their home, and whatever the bank sells it fo… read more
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Ive applied for a $5000 personal loan. The intermediary between
I've applied for a $5000 personal loan. The intermediary between me and the loaner tells me that because I live in Nevada, I need to pay a tax of $420 before the money can be released. Furthermore I n… read more
Megan C
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Loan default question:I know that borrowed money is not
Loan default question: I know that borrowed money is not income and therefore not taxable. That said, if a taxpayer borrows money in an arm's length transaction and then subsequently defaults on repay… read more
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when loaning an adult child money in the area of $50,000 can
when loaning an adult child money in the area of $50,000 can a promissory note be structured with zero interest here are some details I read online. The loan is ot be paid back in time or against an i… read more
CGCPA
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On Sept.7th we had a rental property foreclosed on in Nevada.
On Sept.7th we had a rental property foreclosed on in Nevada. The lender bought it back for $220,000 and we owed about $370,000 leaving about a $150,000 shortage. We live in California but as I unders… read more
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Is there any penalty to either the borrower or the lender if
Is there any penalty to either the borrower or the lender if the borrower of a personal loan pays less than the interest due in any given year? This loan between family members originated as a loan to… read more
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I bought a condo 5 years ago and had lived in it as my primary
I bought a condo 5 years ago and had lived in it as my primary residence. Just about a little over a year ago I bought a bigger house and used this house as my primary residence. Because of this I had… read more
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I receive money from my father for living expenses since I
I receive money from my father for living expenses since I have gone back to school to complete my BS. I recently tried to obtain a loan for a home and they had rejected me because of "proof of income… read more
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I am trying to purchase a home from my sister for $175,000.
I am trying to purchase a home from my sister for $175,000. The home has been appraised at $360,000. I had a chapter 13 that has been discharged for about 14 months and I am wondering if there is a mo… read more
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