Hot answers tagged

32

Yes, you can borrow tax-free Bitcoin (or really, any currency not your home currency) is a security like a stock or bond. Whenever you take a loan using a security as collateral, that is not a taxable event, and so you do not owe taxes on the money you borrowed. Perfect world, you pay it back and this is not taxable either: the loan/repayment is a non-event ...


17

Yes, subject to the deadline for presenting claims to the estate of the decedent (within sixty days of publication of public notice). If a timely claim is filed against the estate, Article 9 of the Uniform Commercial Code allows a defense in to deficiency claim debt such as this one that the method of the sale of the collateral was unreasonable, but this is ...


14

A co-signer is equally liable for the debt, so the loan company can go after the grandson or your mother for the remainder of the debt. He would have gotten a letter from the creditor saying that the car had been sold for some amount (assuming that didn't take the car in full payment of the debt). The creditor is not limited to legal proceedings against the ...


9

This scheme merely defers the CGT. The gain occurs when the bitcoin is sold to pay off the debt, thereby realising its value for the original owner by cancelling the debt of $100k. At this point CGT will be payable on the sale. This is a general principle with loans: if you borrow $100k then you don't pay tax on it. If the loan is subsequently forgiven you ...


8

united-states They thought of that. See IRS Pub 550, page 36: You are treated as having made a constructive sale of an appreciated financial position if you: • Enter into a short sale of the same or substantially identical property, So when you short-sell 1 BTC while still holding 1 BTC, it's taxed as if you simply sold your 1 BTC. This makes sense as ...


5

Non-commercial loans aren’t loans A company can legitimately lend shareholders money if it does so on commercial terms - over a realistic time frame at commercial interest and receives regular repayment of at least the interest and will ultimately receive the principal. The company will need to pay tax on its interest income and that interest may or may not ...


5

A bankruptcy discharges your debt and that bankruptcy goes on your credit report. Now, under the "Fair Credit Reporting Act" (FCRA), that information may only stay on your record up to 10 years (in the case of a bankruptcy, 7 for most other things). After 10 years the negative marks fall off of your credit report. However FCRA only applies to ...


5

Find him yourself Anything else will cost money. As to how, the 21st century has made this much easier. Find his digital footprint and use that to find him. If you don’t know how to do this, hire a private eye. That said, your cheapest option is to forget about the money: odds are you’ll never get it back.


5

They are probably not required to provide online access at all. They are probably required to provide some sort of written statement, unless you have waived that in favor of online or electronic versions. The exact requirements will vary in different jurisdictions.


4

Do I have standing to sue a credit bureau or lender after being approved for a loan but being prevented from signing due to their error? Unfortunately, no. The email you got from the loan agency reflects that no contract was formed yet. The email merely is the loan agency's expression of interest to proceed toward the formation of that contract. Absent that ...


4

For example if you are a British actress and try that kind of stunt, you will suddenly find HMRC coming after you and all newspapers reporting about it (and nobody feeling sorry for you when HMRC tries to make you sell your home). The definition of “loan” includes repayment. If enough time goes past without any attempt at repayment, HMRC can unilaterally ...


4

Now the loan provider has no choice but to sell of my bitcoin to get their $100k back, and it looks like I'm after avoiding capital gains tax. No, you're not avoiding it at all. By losing your capital you do not negate the fact that you gained it. You pay tax on the capital you gain regardless of what then happens to it. Technically, the gain here is ...


3

The Notice of Right to Cure Default under CO Rev Stat § 5-5-110 (2016) is explained in plain English here In Colorado, the lender must wait until the debtor is in default for at least 10 days before the lender can send a “right to cure” the default. A “right to cure” simply informs you of your opportunity to make up the missed payments and stop the ...


3

When a debtor dies, with the debt outstanding, the debt enters default. The estate has to solve the outstanding debt before paying out any inheritances: The estate can and does pay up. This outstanding debt of the estate is gone, the car is paid off, and enters the estate as a value to be distributed as the will or rules dictate. The estate doesn't pay up, ...


3

It depends on the applicable state laws granting emergency powers. The most recent decree in Washington State suspends garnishments and post-judgment interest. The governor was given broad powers by the legislature (RCW 43.06.220) to suspend laws in case of an emergency. If a state has no such powers (every state does) or if a particular action is not within ...


3

Is the debt secured? Lenders can lend money secured or unsecured. If they lend it secured then what is the security? That is, what property secured the loan? For your example that could be a mortgage over the land or a charge over the assets of the LLC or both. In this particular example, it doesn’t make a difference but if the sale of the property only ...


3

Do I have rights to the loan as an asset of the company? You, no. It’s an asset of the company and,as such, will be liquidated by the liquidator for the benefit of the creditors of the company. Only if all creditors are paid in full will a dividend by paid to shareholders- this virtually never happens. The loan contract is still valid and the borrower ...


3

If a farmer had recently built a barn (within the past year) that cost 45,000 dollars (paid for from a loan), on a piece of property that was originally 10,000 dollars(not paid for from a loan), but the market only values the property with the barn at 35,000 dollars, is the government only responsible for paying the market value if they decide to ...


3

The terms are used in inconsistent and overlapping ways. Their meaning has to be determined from context. Words do not have universal meanings in all contexts in the law. A loan generally refers to a delivery of something (often money) with a legally binding expectation that it will be returned with some additional compensation to the lender, later on. To "...


2

The government? Yes Which part of the government depends on exisiting law. If a provision of an existing law grants the executive the power to do so than this can be done by executive order. If there is no such law, then the legislature can convene and make such a law - either granting the relief directly or empowering the executive to do so. There is a ...


2

What loan? People provided you, as a child, food, shelter and the necessities of life. If these people were your legal guardians then this is their obligation; if they weren’t then this is a gift. Legally you owe nobody anything for this. Ethically and culturally, well, that’s up to you.


2

Yes This is a financial return for December 2019 of the Democratic Party of California. If you look at lines 13 and 14 of the Detailed Summary Page they say "All Loans Received" and "Loan Repayments Received". Now, this particular party doesn't have any loans but they can have them if they want them. What happened in Thailand The party was not banned for ...


2

Dale M is correct but I would also add that investor could become a creditor by bringing a derivative suit against the company and/or founder (and winning the suit). Then investor would then also be a creditor paid ahead of the other equity investors to the extent of the judgment won, but still have no specific claim to the liquidation proceeds of the loan. ...


2

... are there any concrete rules which would render this document invalid? Yes It would be invalid if: it was a forgery, the consent it represents was obtained via undue influence. The onus of proving either would be on the person challenging the validity of the document. This would normally be the executor of the estate which obviously poses conflict of ...


2

Push comes to shove, the government can get away with paying a defensible fair market value, so the theoretical answer is "you get $35,000 and you owe the bank". But the practical answer is if the government lets push come to shove, they suck at eminent domain. Land acquisition has an overhead cost. That cost is considerable. If everyone plays their ...


2

If you have a dispute over values worth not more than $7500, you may sue in Colorado Small Claims Court. If the value is worth more than $7500, you can also waive the excess value and stay in that court, though you will not be able to collect that excess amount (and no, you can't cheat by breaking it into multiple small claims). If the dispute value is ...


2

Capital gains are taxable when they are realized unless statutory exceptions apply, under the U.S. Internal Revenue Code. A loan is not considered income. When a creditor sells collateral in order to secure payment of a debt, the sale by the creditor of collateral owned by the debtor is a realization event that triggers capital gains taxation on the part of ...


1

As others have already said your scenario doesn't work. However, there is a related scenario that actually does work: You have stock with a lot of capital gains and you don't expect to live too many more years. It can make economic sense to take a margin loan rather than sell shares. You borrow against the shares, paying interest in the money. When you ...


1

I cannot understand the last paragraph of an article in a reservation contract to acquire our main residence. My understanding of the clause is that you knowingly waive your rights to reimbursement pursuant to L312-1 (note the initial reference reads "construction" but the latter reads "consommation") if your denied [loan] application is ...


1

Apart from what Dale is saying, if someone gave you a loan, there would have to be a loan contract. I suppose there isn’t one, right? No contract, no loan, no repayment. If there was a loan contract, any contract that you entered as a minor is voidable. So if your stepfather gave you say a $10,000 loan, with a signed contract, you could void that loan ...


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