Questions tagged [loan]
49 questions
20
votes
5 answers
Can you avoid capital gains tax by taking out a loan and not repaying debt?
Let's say I have 1 bitcoin and I am selling it for $100k, and I bought it for $0 at the time. Assuming a Capital Gains Tax rate of 33% I would owe $33k, leaving me with only $66k.
Could I instead get a loan of $100k backed by bitcoin as collateral +…
David Callanan
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13
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2 answers
is estate responsible for debt of car-loan co-signed by the decedant?
My mother co-signed a car loan for her grandson ~3 years prior to her death . He defaulted on the loan and the car was repo'd AFTER her death. Can the loan company come after her WV estate for the debt? The car was sold prior to the estate receiving…
peinal
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6
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1 answer
Can the lender of a collateralised loan take more than the collateral upon default?
Recently, Park Hotels & Resorts has pulled out of the San Francisco market, but - assuming I've understood correctly - instead of selling their properties there for pennies and taking the loss on the mortgages(?) on them, they have chosen to default…
Adam Barnes
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6
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1 answer
What are the consequences or risks of signing a document with a future date?
I know you shouldn't past-date something (e.g. date for yesterday), but what are the consequences/risks of writing a future date on a document?
In my specific instance, I'm getting a bridge loan out of state. The documents are being sent to me to…
Elros
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5
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1 answer
What is the legality of a 0% interest unsecured loan?
I have heard that these are legally stigmatised/frowned upon, and subject to various different types of restrictions, I think mainly for tax reasons.
But a recent answer describes this as a seemingly legitimate organisational tactic: Why would a…
TylerDurden
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5
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1 answer
What happens to offset accounts when the lender becomes insolvent?
In Australia and the United Kingdom, it is common for home loans to come with an offset account. The balance of the account is “offset” against the loan when calculating interest, so the borrower saves more money than they would earn if the cash was…
sjy
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1 answer
Are US courts less likely to enforce the repayment of a loan if it is (ceteris paribus) without interest?
Apparently, in common law, a loan given without an interest being specified/demanded is at procedural disadvantage, in that a court may not recognize it as a contract, the plaintiff having to rely on promissory estoppel instead, in this case, at…
Looking for loopholes
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5
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In a divorce, in the case of a refinance, who pays for the refinance?
If my wife and I were getting a divorce and one of us wanted to keep the house and was buying the other out of their portion of the equity, being split 50/50, would the cost of the refinance of the mortgage to take the separating party off of the…
Josh
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4
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3 answers
Living in permanently growing debt to your own company
Some countries entertain corporate income tax rates significantly lower than personal:
Ireland: 12.5% vs 20–52%
Estonia/Latvia: 0% vs 20%
Sweden: 21.4% vs 32–57%
Barbados: 5.5% vs 25–38%
Say Bob lives and operates his business through a company in…
Greendrake
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3
votes
1 answer
Credit union holding car note, refuses to provide details of how payments have been applied
A credit union financed a car note for me. I never knew them before the loan transaction and I only have the car note there. Recently, my payments seem to not lower my loan balance as much as it should, meaning they are charging me for something I…
Kevin Mitchell
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2
votes
2 answers
Is it legal for credit card companies to terminate a credit card?
The standard text of a credit card agreement implies American express can terminate the agreement at any time. Problem is, you already gave credit.
As an example, if I give someone a loan, I can't "take back" the loan. A line of credit is no…
Jose Garcia
- 53
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2
votes
1 answer
Charging interest on a locked account
Is it a violation of any US banking regulations for a bank to continue charging interest on a loan when they have temporarily blocked the account holder from making payments? (or at least interest on amount of the pending payments that are held up…
Michael Hall
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2
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0 answers
Are loans protected by PayPal Goods & Services?
If a lender loans a borrower say $150 for the borrower to repay $250 in 3 weeks (very high/illegal interest rate) via PayPal G&S, and it turns out that the borrower refuses to repay the loan, what will PayPal do?
The lender can obviously file a…
No Name
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2
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2 answers
How can a lender of a small loan protect himself from the borrower not paying them back?
An acquaintance asked me to lend him money. I believed his story and lent him $100. He promised to pay me back $150 in 5 days time. It's been months and he hasn't paid me anything. I have heard that this interest rate is illegally high for a loan.…
CoriolisForceFighter
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2
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2 answers
Capital Gains: If I loan Bitcoin to my LLC, can the LLC sell it to pay for expenses, and later repay the loan in USD tax free? (USA Law)
I understand that taking a credit line against Bitcoin collateral is not capital gains event because there is no sale.
However,
If a party, such as a company, is lent Bitcoin (BTC), sell it to pay expenses, and then pays back the loan in USD would…
LegalInquirer2000
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