Is a loss from a personal loan the same tax category as a loss from stock investments? May 3, 2010
Posted by Credit in : United States , 1 comment so far
Jan R asked:
I loaned a friend some money several years ago to help start a business, and the business failed and I was not repaid for the loan. I also, the same year, had losses from other investments (in the stock market). My understanding is that I can only deduct $3000 in investment losses for that year. Is the personal loan in the same category as the other investments — in other words, does it count as part of the $3000 limit? Or is there a way I can claim that loss separately? Thanks!
I loaned a friend some money several years ago to help start a business, and the business failed and I was not repaid for the loan. I also, the same year, had losses from other investments (in the stock market). My understanding is that I can only deduct $3000 in investment losses for that year. Is the personal loan in the same category as the other investments — in other words, does it count as part of the $3000 limit? Or is there a way I can claim that loss separately? Thanks!
Is student loan still tax deductable when refinancing a student loan with a personal loan? April 14, 2010
Posted by Credit in : United States , 2comments
Andrew M asked:
My daughter has two very high interest student loans. Her credit won’t let her do anything, but I can “refinance” it with me getting the loan using my credit. But is it still a “student” loan that she can deduct. She is making the payments and her name will be also on the loan (ironically, she will co-sign for me). This seems to be some gray area once the loan gets moved around. Just want to make sure the “chain of custody” still makes the new loan interest tax deductable. Hope this made sense and thanks for your help.
My daughter has two very high interest student loans. Her credit won’t let her do anything, but I can “refinance” it with me getting the loan using my credit. But is it still a “student” loan that she can deduct. She is making the payments and her name will be also on the loan (ironically, she will co-sign for me). This seems to be some gray area once the loan gets moved around. Just want to make sure the “chain of custody” still makes the new loan interest tax deductable. Hope this made sense and thanks for your help.
Is a loan from a relative to purchase property tax deductable? April 13, 2010
Posted by Credit in : United States , 2comments
Michael S asked:
I am about to ask a relative for a loan to purchase a land parcel for a future home site. I am going to pay back the loan plus interest just as if it were from a financial institution. Is the interest tax deductible? What paperwork would we have to draw up? What forms would be required? Would he/she have to pay income tax on the earnings?
I am about to ask a relative for a loan to purchase a land parcel for a future home site. I am going to pay back the loan plus interest just as if it were from a financial institution. Is the interest tax deductible? What paperwork would we have to draw up? What forms would be required? Would he/she have to pay income tax on the earnings?
Can student loan interest be an itemized deduction on your taxes? April 4, 2010
Posted by Credit in : United States , 4comments
msphenom83 asked:
The Student Loan Deduction allows you to deduct up to $2500. In 2007 I paid well over $2500 in interest and obviously want to take advantage of this.
The Student Loan Deduction allows you to deduct up to $2500. In 2007 I paid well over $2500 in interest and obviously want to take advantage of this.
If I consolidate my student loan with a personal loan can I still write off the interest? March 25, 2010
Posted by Credit in : United States , 1 comment so far
MLE asked:
I had a federal student loan which I consolidated about 8 years ago to someone who eventually sold that loan to Citibank. I pay about 8.35% in interest. I am considering paying off that student loan with a personal loan where I can get a better interest rate. If I do this will I still be able to write off the interest I pay on my taxes?
I had a federal student loan which I consolidated about 8 years ago to someone who eventually sold that loan to Citibank. I pay about 8.35% in interest. I am considering paying off that student loan with a personal loan where I can get a better interest rate. If I do this will I still be able to write off the interest I pay on my taxes?
Who gets credit for child in home when filing injured spouse? March 18, 2010
Posted by Credit in : United States , 2comments
mich01 asked:
I am the injured spouse, and we have 1 child together. I filled the form and I was wondering who the $1000 credit for the child that we have together in our home goes to.
I am the injured spouse, and we have 1 child together. I filled the form and I was wondering who the $1000 credit for the child that we have together in our home goes to.
Do they give part to my husband to be applied to back debts, or do I get the child credit along with my own?
Thanks!
Isnt it it is the bank responsibility to withheld taxes on bank transfer? March 6, 2010
Posted by Credit in : United States , 3comments
gretch asked:
Is there really a Union Bank of Cote D’Ivoire? Isn’t it, its there responsibility to withheld taxes on bank transfer that is being done by there customer? How come they forgot to do it and they even sue my friend friends for giving them wrong information? Is it true also that the Government of Cote D’Ivoire can just seize money because my friend does not pay the tax that is due to the government? It is not that he doesn’t like to pay the taxes, it is forgotten by the bank because the bank does not withheld the tax when it should be done by them? My friend cannot raise the money for taxes, can it not be done by deducting the taxes from the money to be transfer by returning first again the money to the bank. Why is it my friend is not allowed to amend the instruction he is suppose to give to the bank? Please advice on this matter. , it is a clean money to be use to make a friend to be back to his normal life and start his business.
Is there really a Union Bank of Cote D’Ivoire? Isn’t it, its there responsibility to withheld taxes on bank transfer that is being done by there customer? How come they forgot to do it and they even sue my friend friends for giving them wrong information? Is it true also that the Government of Cote D’Ivoire can just seize money because my friend does not pay the tax that is due to the government? It is not that he doesn’t like to pay the taxes, it is forgotten by the bank because the bank does not withheld the tax when it should be done by them? My friend cannot raise the money for taxes, can it not be done by deducting the taxes from the money to be transfer by returning first again the money to the bank. Why is it my friend is not allowed to amend the instruction he is suppose to give to the bank? Please advice on this matter. , it is a clean money to be use to make a friend to be back to his normal life and start his business.
Can I claim my Canadian student loan interest on my US taxes? February 27, 2010
Posted by Credit in : United States , add a comment
galaxyy asked:
I have Canadian (government) student loans (in Canadian dollars) which I am still paying back from my Canadian bank account whilst I live and work in the US. Can I claim my student loan interest on my US taxes?
Also do I claim the amount in Canadian dollars?
I have Canadian (government) student loans (in Canadian dollars) which I am still paying back from my Canadian bank account whilst I live and work in the US. Can I claim my student loan interest on my US taxes?
Also do I claim the amount in Canadian dollars?
Do I need to report a loan taken from a company on my income tax report? February 1, 2010
Posted by Credit in : United States , 4comments
yunimark asked:
I work for a company as a consultant, so I report my income on a 1096. I recently took out a loan from that company which I already signed a note saying I will pay it back in a certain number of years. Do I need to report the loan on my income tax report next year?
I work for a company as a consultant, so I report my income on a 1096. I recently took out a loan from that company which I already signed a note saying I will pay it back in a certain number of years. Do I need to report the loan on my income tax report next year?
How much cash can you put into the bank each month before you start getting taxed on it? January 22, 2010
Posted by Credit in : United States , 6comments
Benjy0620 asked:
I recently began dating someone who sends me 2 thousand dollars in cash each week to help pay for bills and expenses. I would like to put this money into my savings account, but am unsure if this is legal. Is this legal, or is there a better option i’m not considering? I would not like to have large amounts of cash sitting around, and would prefer it to be in the bank. If I put it into the bank, will I be taxed on this? And if so, after how much money deposited will I be taxed?
I recently began dating someone who sends me 2 thousand dollars in cash each week to help pay for bills and expenses. I would like to put this money into my savings account, but am unsure if this is legal. Is this legal, or is there a better option i’m not considering? I would not like to have large amounts of cash sitting around, and would prefer it to be in the bank. If I put it into the bank, will I be taxed on this? And if so, after how much money deposited will I be taxed?