Lesh
Diamond Member
- Dec 21, 2016
- 69,021
- 34,442
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The IRS is only involved if there is interest.I'm sure the IRS will accept his word for it.![]()
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The IRS is only involved if there is interest.I'm sure the IRS will accept his word for it.![]()
/----/ Neither do I, but my credit report and bank will retain those records.
That’s what we do in this country, no?Why are you assuming Joe was totally innocent and oblivious as to where that money came from?
I have no reason to believe otherwise. Why do you make assumptions that you have no evidence to support?Why are you assuming Joe was totally innocent and oblivious as to where that money came from?
Surely you guys understand that a bank loan is not that similar to loaning your brother money. As in, you're not necessarily going to sit down and write it all out.White says...oh
This wasnt $20, it was $240,000.GAWOD you people are dumb.
Family transaction.
No docs needed.
Private transaction
No docs needed.
In your mythological family if you lend $20 bucks to your fantasy mom do you
Do a credit check?
Draw up a mortgage?
Set a payment plan?
View attachment 907090
If you give someone (anyone) an interest free loan, the interest you should have charged is considered a gift. The IRS maintains a lowest possible interest rate to determine what should have been charged.The IRS is only involved if there is interest.
And you think this "gift" is reflected in their taxes?If you give someone (anyone) an interest free loan, the interest you should have charged is considered a gift. The IRS maintains a lowest possible interest rate to determine what should have been charged.
So technically Jim Biden was gifted a few thousand by getting the loan interest free. It’s not enough to trigger any of the gift tax or gift filings with the IRS.
Why would it be? You do not owe taxes on gifts.And you think this "gift" is reflected in their taxes?
It was a two month loan.If you give someone (anyone) an interest free loan, the interest you should have charged is considered a gift. The IRS maintains a lowest possible interest rate to determine what should have been charged.
So technically Jim Biden was gifted a few thousand by getting the loan interest free. It’s not enough to trigger any of the gift tax or gift filings with the IRS.
They need to get rid of them, because if an auditor finds them, they are fair game for audit. IOW, they're toxic.Oh, Sorry. I thought you thought everybody should keep that sort of stuff past business requirement statutes. Some companies file old business records by date in dated file boxes, so they know when they can be destroyed, on purpose. Good practice, in my opinion.
A few thousand maybe. Just rough estimates. Not enough to trigger any filings.It was a two month loan.
What’s the interest amount at “the lowest possible rate” for two months on $20K?
Why are you assuming Joe was totally innocent and oblivious as to where that money came from?
Just trying to figure out what the crime is.They're banana republic backers, so of course there is nothing wrong with their crimes; they're entitled.
Thats an absurd statement. I guess with your theory, every fraudster on Earth can just claim "it was a loan and i have no proof of it".Could have been $240M
Wouldn't matter in a private transaction not involving any mortgage or bank.
You can clean up your stinky pinkies now.
The gift giver has to report it.The fuck you dont. Anything over 15k has to be reported to the IRS.
The interest is where the taxes potentially come in. Why does the loan need to be "reported"?Who the fuck is talking about "interest on the loan"? Any loan over 15k has to be reported, and we know that it wasnt.