Posts Tagged ‘Loan’
I owe the IRS $41k in back taxes and a friend has offered to loan me the money. What r tax consequences 4 us?
27
Jun
If he gives me the $41k, will it count FOR ME as taxable income so I can’t use the full amount? I’m unemployed so I’m not making any money this year anyway. Plus what are the tax consequences for HIM–if any–for giving me the money? I’ve heard of “gifting”. What is it, and does it apply to my situation?
Is there any tax deduction for home loan in other countries ?
29
May
If a person carries a home loan in other country (other than US) is there any tax deduction(relief) given by IRS ? A part of his earning in US is being used to pay home loan EMI in other country.
California Tax Form 540A – IRA and Student Loan Deductions?
02
May
I am filing a California Form 540A for the 2009 tax year. I want to take a deduction for IRA contributions and student loan interest paid. On what line do I put these deductions? I have read and re-read the tax booklet but there is no information. Thanks!
Can my federal tax return be garnished by a private student loan?
24
Apr
i have a private student loan with chase bank and i filded bankruptcy
they now tell me that when the bankruptcy is done i will have to pay
in full the amount of the loan. they will not take payments anymore.
they said they will garnish my wages and my income tax and my spouses income tax and they will get into my bank account. i have no job right now but my wife does can they garnish her wages and her federal taxes she is not on the loan? when they send it to collections or there lawyers will they have to take payments do they have to go to court to do all of this? Serious answers only please
Legalities of Family loan for a home remodel?
09
Apr
I am exploring financing options through a loan from a family member. I have a number of questions around the legal & tax implications and any other issues to be aware of with regards to this type of loan scenario.
Here is the scope of the loan:
Approx. $150k loan
Assume a traditional loan interest rate of approximately 5% (much like any normal bank financed mortgage or construction loan)
We would be looking at a 5-10 year term
1. How can a family member loan this amount legally with regards to taxes, etc.? I know the gov’t has a stict structure for gifts (at no more than $12k per year, etc.). Curiouos what structures exist for a true loan with interest earned, etc.
2. What legally entitles the lender to ownership in the value of the home, with respect to the bank? If we were to die etc., what happens to their investment security?
3. What tax liabilities are there on both ends?
4. Who can help structuring a scenario like this (CPA, tax/RE attorney, etc.)?
Thank you!
Father is giving me a loan on my 2nd mortgage, how do I set this up without any attorney/bank fees?
24
Mar
We want to make it official, where he will claim the interest on his taxes, and I will claim the interest paid as deductions on my taxes. How do I do this with him without having to pay the costs of attorneys/bankers/title lawyers? Is there a free easy way of doing this?
If my federal student loan has not defaulted will I receive the IRS tax rebate?
19
Mar
The IRS’ website is not clear on whether the student loans need to have defaulted or not. It just says if you owe the government for student loans the rebate will be applied to that. Any help is appeciated.
How can I pay back taxes and still qualify for a good home loan? i need to show a lot of income . please help?
18
Mar
I need to show a good income to qualify for a decent home. due to nasty divorce and getting stuck with the attorney bills and all the expenses, I have a past due tax that I have to pay before applying for a loan. there is a lien so my credit history is shot. What do I do? I want to pay but dont have the whole $42,000.
With poor credit how do I get a loan for $40,000.00 to pay property taxes on my home and pay other bills?
16
Mar
The house was left to me by my deceased parents. It is paid for and must go through probate. I need a loan to pay city taxes on property and other bills to include attorney fees. I’ve been employed with the Federal Government for 19 years. I am seeking a loan for less then 10 years to pay back. I am willing to do an automatic monthly payment.
I need a loan for 2 million to pay off IRS back taxes. Is this possible?
28
Feb
Old taxes from years ago but IRS is getting anxious for the money. I own a business that is doing well and do not owe any current taxes. Just want them off my back. Hopefully we can compromise on a settlement.