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Subject Creator
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Can my partner loan me money?
I’m asking as a result of I do know some banks don’t like when giant quantities of cash are deposited through examine, and likewise, ensuring that this wouldn’t trigger any pink flags with the IRS since I’m going to pay her again in a number of months. If too sophisticated I might promote some VT. Quantity is $50k ish.
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Re: Can my partner loan me money?
manlymatt83 wrote: ↑Sat Aug 24, 2024 3:21 pm
I’ve a considerable expense arising that can be quick time period. I’ve taxable investments, however don’t wish to promote them nor do I wish to borrow on margin. My future spouse has further money sitting in a cash market in the mean time. Might she legally mortgage me cash for ~90 days? Would this trigger any points with taxes? Would it not be finest for her to jot down me a examine or for her to switch the cash into our joint account after which I switch it out?I’m asking as a result of I do know some banks don’t like when giant quantities of cash are deposited through examine, and likewise, ensuring that this wouldn’t trigger any pink flags with the IRS since I’m going to pay her again in a number of months. If too sophisticated I might promote some VT. Quantity is $50k ish.
There are some guidelines about minimal rates of interest, paying taxes on the curiosity, and many others., however in actuality it is extremely unbelievable anybody will ever care. Simply borrow the cash and pay it again and don’t be concerned about any authorized formalities.
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Re: Can my partner loan me money?
I don’t know your scenario, however have you considered opening/are you able to open a pledged asset line of credit score by your brokerage agency? I’ve one with Schwab for the very motive you might have outlined and it’s very useful. Typically you’re higher off paying curiosity for a short while for tax causes.
Re: Can my partner loan me money?
manlymatt83 wrote: ↑Sat Aug 24, 2024 3:21 pm
I’ve a considerable expense arising that can be quick time period. I’ve taxable investments, however don’t wish to promote them nor do I wish to borrow on margin. My future spouse has further money sitting in a cash market in the mean time. Might she legally mortgage me cash for ~90 days? Would this trigger any points with taxes? Would it not be finest for her to jot down me a examine or for her to switch the cash into our joint account after which I switch it out?I’m asking as a result of I do know some banks don’t like when giant quantities of cash are deposited through examine, and likewise, ensuring that this wouldn’t trigger any pink flags with the IRS since I’m going to pay her again in a number of months. If too sophisticated I might promote some VT. Quantity is $50k ish.
When you have a joint account who cares? You each personal the account and you are able to do with that cash as you would like. It feels like she needs to pay your invoice. Later maybe she is going to wish to do one thing else with the cash within the account, like purchase shares
Crom laughs at your 4 Winds
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Re: Can my partner loan me money?
muffins14 wrote: ↑Sat Aug 24, 2024 5:23 pmmanlymatt83 wrote: ↑Sat Aug 24, 2024 3:21 pm
I’ve a considerable expense arising that can be quick time period. I’ve taxable investments, however don’t wish to promote them nor do I wish to borrow on margin. My future spouse has further money sitting in a cash market in the mean time. Might she legally mortgage me cash for ~90 days? Would this trigger any points with taxes? Would it not be finest for her to jot down me a examine or for her to switch the cash into our joint account after which I switch it out?I’m asking as a result of I do know some banks don’t like when giant quantities of cash are deposited through examine, and likewise, ensuring that this wouldn’t trigger any pink flags with the IRS since I’m going to pay her again in a number of months. If too sophisticated I might promote some VT. Quantity is $50k ish.
When you have a joint account who cares? You each personal the account and you are able to do with that cash as you would like. It feels like she needs to pay your invoice. Later maybe she is going to wish to do one thing else with the cash within the account, like purchase shares
Can I tie my private checking account at financial institution 1 to my joint checking account at financial institution 2 and ACH pull?
Re: Can my partner loan me money?
manlymatt83 wrote: ↑Sat Aug 24, 2024 6:34 pmmuffins14 wrote: ↑Sat Aug 24, 2024 5:23 pmmanlymatt83 wrote: ↑Sat Aug 24, 2024 3:21 pm
I’ve a considerable expense arising that can be quick time period. I’ve taxable investments, however don’t wish to promote them nor do I wish to borrow on margin. My future spouse has further money sitting in a cash market in the mean time. Might she legally mortgage me cash for ~90 days? Would this trigger any points with taxes? Would it not be finest for her to jot down me a examine or for her to switch the cash into our joint account after which I switch it out?I’m asking as a result of I do know some banks don’t like when giant quantities of cash are deposited through examine, and likewise, ensuring that this wouldn’t trigger any pink flags with the IRS since I’m going to pay her again in a number of months. If too sophisticated I might promote some VT. Quantity is $50k ish.
When you have a joint account who cares? You each personal the account and you are able to do with that cash as you would like. It feels like she needs to pay your invoice. Later maybe she is going to wish to do one thing else with the cash within the account, like purchase shares
Can I tie my private checking account at financial institution 1 to my joint checking account at financial institution 2 and ACH pull?
Keep in mind to let the cash totally settle on the financial institution earlier than you progress it someplace else. 5 days is normally enough, however ask your financial institution. You do not wish to journey some fraud/money-laundering algorithm.
In settling an Property, I’ve moved $100K + a number of occasions through Wells Fargo with no points, however I all the time let totally settle 5 or extra days.
Of be aware, Schwab would enable me to wire deposit $500K to the Property Account and transfer it out in 2 days, 1/2 to my Sister’s Schwab Account and 1/2 to mine. I requested earlier than hand and was advised that will not be a problem.
Re: Can my partner loan me money?
Make sure that you might have a written mortgage settlement simply in case there may be some Murphy’s Regulation scenario like certainly one of you dies, will get sued, you break up, and many others.
Re: Can my partner loan me money?
manlymatt83 wrote: ↑Sat Aug 24, 2024 3:21 pm
I’ve a considerable expense arising that can be quick time period. I’ve taxable investments, however don’t wish to promote them nor do I wish to borrow on margin. My future spouse has further money sitting in a cash market in the mean time. Might she legally mortgage me cash for ~90 days? Would this trigger any points with taxes? Would it not be finest for her to jot down me a examine or for her to switch the cash into our joint account after which I switch it out?I’m asking as a result of I do know some banks don’t like when giant quantities of cash are deposited through examine, and likewise, ensuring that this wouldn’t trigger any pink flags with the IRS since I’m going to pay her again in a number of months. If too sophisticated I might promote some VT. Quantity is $50k ish.
I’ve made many, many monetary errors over my lifetime, that if I had certainly listened to a voice saying…‘don’t do this,’ I’d be significantly better off and fewer scarred.
Don’t borrow from any individual you ain’t married to except it’s a financial institution or some sort of lender.
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Re: Can my partner loan me money?
Opening a joint account will not be a mortgage. If you’re already sharing funds, it is no large deal. If you’re uncertain of the connection elements, it is best to doc it as a mortgage.
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Re: Can my partner loan me money?
Mike Scott wrote: ↑Solar Aug 25, 2024 9:54 am
Opening a joint account will not be a mortgage. If you’re already sharing funds, it is no large deal. If you’re uncertain of the connection elements, it is best to doc it as a mortgage.
We have already got a joint account and have for years. We pay all of our joint bills out of it, together with hire, utilities, and many others. We have been collectively for fairly a very long time, simply not married.
Even for married individuals submitting individually, I assume if one partner provides the opposite partner cash, it is taxable in a roundabout way right?
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Re: Can my partner loan me money?
manlymatt83 wrote: ↑Solar Aug 25, 2024 10:56 amMike Scott wrote: ↑Solar Aug 25, 2024 9:54 am
Opening a joint account will not be a mortgage. If you’re already sharing funds, it is no large deal. If you’re uncertain of the connection elements, it is best to doc it as a mortgage.We have already got a joint account and have for years. We pay all of our joint bills out of it, together with hire, utilities, and many others. We have been collectively for fairly a very long time, simply not married.
Even for married individuals submitting individually, I assume if one partner provides the opposite partner cash, it is taxable in a roundabout way right?
Spouses can reward one another cash with no limits, no taxes, and no reporting necessities.
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Re: Can my partner loan me money?
muffins14 wrote: ↑Sat Aug 24, 2024 5:23 pmmanlymatt83 wrote: ↑Sat Aug 24, 2024 3:21 pm
I’ve a considerable expense arising that can be quick time period. I’ve taxable investments, however don’t wish to promote them nor do I wish to borrow on margin. My future spouse has further money sitting in a cash market in the mean time. Might she legally mortgage me cash for ~90 days? Would this trigger any points with taxes? Would it not be finest for her to jot down me a examine or for her to switch the cash into our joint account after which I switch it out?I’m asking as a result of I do know some banks don’t like when giant quantities of cash are deposited through examine, and likewise, ensuring that this wouldn’t trigger any pink flags with the IRS since I’m going to pay her again in a number of months. If too sophisticated I might promote some VT. Quantity is $50k ish.
When you have a joint account who cares? You each personal the account and you are able to do with that cash as you would like. It feels like she needs to pay your invoice. Later maybe she is going to wish to do one thing else with the cash within the account, like purchase shares
This.
Retired June 2023. LMP (TIPS Ladder/SS Bridge) 25%/Threat Portfolio 75%, AA = 60/30/10
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Re: Can my partner loan me money?
toddthebod wrote: ↑Solar Aug 25, 2024 11:19 ammanlymatt83 wrote: ↑Solar Aug 25, 2024 10:56 amMike Scott wrote: ↑Solar Aug 25, 2024 9:54 am
Opening a joint account will not be a mortgage. If you’re already sharing funds, it is no large deal. If you’re uncertain of the connection elements, it is best to doc it as a mortgage.We have already got a joint account and have for years. We pay all of our joint bills out of it, together with hire, utilities, and many others. We have been collectively for fairly a very long time, simply not married.
Even for married individuals submitting individually, I assume if one partner provides the opposite partner cash, it is taxable in a roundabout way right?
Spouses can reward one another cash with no limits, no taxes, and no reporting necessities.
I didn’t know that.
We aren’t married but however good to know.
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Re: Can my partner loan me money?
RyeBourbon wrote: ↑Solar Aug 25, 2024 1:44 pmmuffins14 wrote: ↑Sat Aug 24, 2024 5:23 pmmanlymatt83 wrote: ↑Sat Aug 24, 2024 3:21 pm
I’ve a considerable expense arising that can be quick time period. I’ve taxable investments, however don’t wish to promote them nor do I wish to borrow on margin. My future spouse has further money sitting in a cash market in the mean time. Might she legally mortgage me cash for ~90 days? Would this trigger any points with taxes? Would it not be finest for her to jot down me a examine or for her to switch the cash into our joint account after which I switch it out?I’m asking as a result of I do know some banks don’t like when giant quantities of cash are deposited through examine, and likewise, ensuring that this wouldn’t trigger any pink flags with the IRS since I’m going to pay her again in a number of months. If too sophisticated I might promote some VT. Quantity is $50k ish.
When you have a joint account who cares? You each personal the account and you are able to do with that cash as you would like. It feels like she needs to pay your invoice. Later maybe she is going to wish to do one thing else with the cash within the account, like purchase shares
This.
So at the same time as single, she will be able to transfer cash into the account and I can spend it?
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Re: Can my partner loan me money?
manlymatt83 wrote: ↑Solar Aug 25, 2024 3:30 pmRyeBourbon wrote: ↑Solar Aug 25, 2024 1:44 pmmuffins14 wrote: ↑Sat Aug 24, 2024 5:23 pmmanlymatt83 wrote: ↑Sat Aug 24, 2024 3:21 pm
I’ve a considerable expense arising that can be quick time period. I’ve taxable investments, however don’t wish to promote them nor do I wish to borrow on margin. My future spouse has further money sitting in a cash market in the mean time. Might she legally mortgage me cash for ~90 days? Would this trigger any points with taxes? Would it not be finest for her to jot down me a examine or for her to switch the cash into our joint account after which I switch it out?I’m asking as a result of I do know some banks don’t like when giant quantities of cash are deposited through examine, and likewise, ensuring that this wouldn’t trigger any pink flags with the IRS since I’m going to pay her again in a number of months. If too sophisticated I might promote some VT. Quantity is $50k ish.
When you have a joint account who cares? You each personal the account and you are able to do with that cash as you would like. It feels like she needs to pay your invoice. Later maybe she is going to wish to do one thing else with the cash within the account, like purchase shares
This.
So at the same time as single, she will be able to transfer cash into the account and I can spend it?
Being single may set off some reward tax points. It is perhaps best to jot down up a brief mortgage settlement and pay again with curiosity.
Retired June 2023. LMP (TIPS Ladder/SS Bridge) 25%/Threat Portfolio 75%, AA = 60/30/10
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Re: Can my partner loan me money?
RyeBourbon wrote: ↑Solar Aug 25, 2024 3:35 pmmanlymatt83 wrote: ↑Solar Aug 25, 2024 3:30 pmRyeBourbon wrote: ↑Solar Aug 25, 2024 1:44 pmmuffins14 wrote: ↑Sat Aug 24, 2024 5:23 pmmanlymatt83 wrote: ↑Sat Aug 24, 2024 3:21 pm
I’ve a considerable expense arising that can be quick time period. I’ve taxable investments, however don’t wish to promote them nor do I wish to borrow on margin. My future spouse has further money sitting in a cash market in the mean time. Might she legally mortgage me cash for ~90 days? Would this trigger any points with taxes? Would it not be finest for her to jot down me a examine or for her to switch the cash into our joint account after which I switch it out?I’m asking as a result of I do know some banks don’t like when giant quantities of cash are deposited through examine, and likewise, ensuring that this wouldn’t trigger any pink flags with the IRS since I’m going to pay her again in a number of months. If too sophisticated I might promote some VT. Quantity is $50k ish.
When you have a joint account who cares? You each personal the account and you are able to do with that cash as you would like. It feels like she needs to pay your invoice. Later maybe she is going to wish to do one thing else with the cash within the account, like purchase shares
This.
So at the same time as single, she will be able to transfer cash into the account and I can spend it?
Being single may set off some reward tax points. It is perhaps best to jot down up a brief mortgage settlement and pay again with curiosity.
I’d have to make use of the 5% curiosity quantities from the IRS web site?
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Re: Can my partner loan me money?
^^^ This to guard your associate for issues exterior of your management.
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Re: Can my partner loan me money?
HomeStretch wrote: ↑Solar Aug 25, 2024 3:52 pm^^^ This to guard your associate for issues exterior of your management.
We are going to do the mortgage settlement.
Would it not be higher for her to wire me the cash or to jot down a examine with “mortgage” within the memo?
Re: Can my partner loan me money?
manlymatt83 wrote: ↑Solar Aug 25, 2024 3:30 pmRyeBourbon wrote: ↑Solar Aug 25, 2024 1:44 pmmuffins14 wrote: ↑Sat Aug 24, 2024 5:23 pmmanlymatt83 wrote: ↑Sat Aug 24, 2024 3:21 pm
I’ve a considerable expense arising that can be quick time period. I’ve taxable investments, however don’t wish to promote them nor do I wish to borrow on margin. My future spouse has further money sitting in a cash market in the mean time. Might she legally mortgage me cash for ~90 days? Would this trigger any points with taxes? Would it not be finest for her to jot down me a examine or for her to switch the cash into our joint account after which I switch it out?I’m asking as a result of I do know some banks don’t like when giant quantities of cash are deposited through examine, and likewise, ensuring that this wouldn’t trigger any pink flags with the IRS since I’m going to pay her again in a number of months. If too sophisticated I might promote some VT. Quantity is $50k ish.
When you have a joint account who cares? You each personal the account and you are able to do with that cash as you would like. It feels like she needs to pay your invoice. Later maybe she is going to wish to do one thing else with the cash within the account, like purchase shares
This.
So at the same time as single, she will be able to transfer cash into the account and I can spend it?
You each personal the cash, so it’s not clear that both particular individual is “spending it”. Cash is simply popping out of the account. Maybe I’m flawed to make it so easy
Crom laughs at your 4 Winds
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Re: Can my partner loan me money?
manlymatt83 wrote: ↑Solar Aug 25, 2024 3:30 pm
So at the same time as single, she will be able to transfer cash into the account and I can spend it?
Technically each time you do this, she has given you a present so far as the IRA is anxious. That is from the shape 709 directions:
Should you create a joint checking account for your self and a donee (or
an identical form of possession by which you will get again the whole
fund with out the donee’s consent), you might have made a present to the
donee when the donee attracts on the account for the donee’s
personal profit. The quantity of the reward is the quantity that the donee
took out with none obligation to repay you.
Re: Can my partner loan me money?
manlymatt83 wrote: ↑Solar Aug 25, 2024 3:30 pmtoddthebod wrote: ↑Solar Aug 25, 2024 11:19 ammanlymatt83 wrote: ↑Solar Aug 25, 2024 10:56 amMike Scott wrote: ↑Solar Aug 25, 2024 9:54 am
Opening a joint account will not be a mortgage. If you’re already sharing funds, it is no large deal. If you’re uncertain of the connection elements, it is best to doc it as a mortgage.We have already got a joint account and have for years. We pay all of our joint bills out of it, together with hire, utilities, and many others. We have been collectively for fairly a very long time, simply not married.
Even for married individuals submitting individually, I assume if one partner provides the opposite partner cash, it is taxable in a roundabout way right?
Spouses can reward one another cash with no limits, no taxes, and no reporting necessities.
I didn’t know that.
We aren’t married but however good to know.
Even non married can reward substantial quantities wo any taxes. Should you exceed the annual restrict there’s a type to fill out however no taxes. Should you exceed the lifetime restrict, then there are taxes.
Notice I’m referring to precise, legit presents. She can not reward to you anticipating you to reward again later. That may be a mortgage, there have to be curiosity (IRS will let you know min quantity), there may be tax on the curiosity earned whether or not really paid or not.
Re: Can my partner loan me money?
manlymatt83 wrote: ↑Solar Aug 25, 2024 3:30 pmRyeBourbon wrote: ↑Solar Aug 25, 2024 1:44 pmmuffins14 wrote: ↑Sat Aug 24, 2024 5:23 pmmanlymatt83 wrote: ↑Sat Aug 24, 2024 3:21 pm
I’ve a considerable expense arising that can be quick time period. I’ve taxable investments, however don’t wish to promote them nor do I wish to borrow on margin. My future spouse has further money sitting in a cash market in the mean time. Might she legally mortgage me cash for ~90 days? Would this trigger any points with taxes? Would it not be finest for her to jot down me a examine or for her to switch the cash into our joint account after which I switch it out?I’m asking as a result of I do know some banks don’t like when giant quantities of cash are deposited through examine, and likewise, ensuring that this wouldn’t trigger any pink flags with the IRS since I’m going to pay her again in a number of months. If too sophisticated I might promote some VT. Quantity is $50k ish.
When you have a joint account who cares? You each personal the account and you are able to do with that cash as you would like. It feels like she needs to pay your invoice. Later maybe she is going to wish to do one thing else with the cash within the account, like purchase shares
This.
So at the same time as single, she will be able to transfer cash into the account and I can spend it?
Does she anticipate it again? In that case, it’s nonetheless a mortgage.
Re: Can my partner loan me money?
muffins14 wrote: ↑Solar Aug 25, 2024 7:24 pmmanlymatt83 wrote: ↑Solar Aug 25, 2024 3:30 pmRyeBourbon wrote: ↑Solar Aug 25, 2024 1:44 pmmuffins14 wrote: ↑Sat Aug 24, 2024 5:23 pmmanlymatt83 wrote: ↑Sat Aug 24, 2024 3:21 pm
I’ve a considerable expense arising that can be quick time period. I’ve taxable investments, however don’t wish to promote them nor do I wish to borrow on margin. My future spouse has further money sitting in a cash market in the mean time. Might she legally mortgage me cash for ~90 days? Would this trigger any points with taxes? Would it not be finest for her to jot down me a examine or for her to switch the cash into our joint account after which I switch it out?I’m asking as a result of I do know some banks don’t like when giant quantities of cash are deposited through examine, and likewise, ensuring that this wouldn’t trigger any pink flags with the IRS since I’m going to pay her again in a number of months. If too sophisticated I might promote some VT. Quantity is $50k ish.
When you have a joint account who cares? You each personal the account and you are able to do with that cash as you would like. It feels like she needs to pay your invoice. Later maybe she is going to wish to do one thing else with the cash within the account, like purchase shares
This.
So at the same time as single, she will be able to transfer cash into the account and I can spend it?
You each personal the cash, so it’s not clear that both particular individual is “spending it”. Cash is simply popping out of the account. Maybe I’m flawed to make it so easy
It’s extra sophisticated. Each can withdraw any quantity however each don’t personal all of it. (Not speaking about married in group prop jurisdiction). Every owns the quantity contributed plus prorated earnings. The primary {dollars} out are thought-about to be that individuals personal cash returned. Above that’s the different social gathering’s cash. This may be both a present or a mortgage. Ofc, accounting for the way a lot is every social gathering’s in account opened for years could be a actual ache.
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Re: Can my partner loan me money?
manlymatt83 wrote: ↑Solar Aug 25, 2024 3:55 pm
Would it not be higher for her to wire me the cash or to jot down a examine with “mortgage” within the memo?
I nonetheless assume you’re overcomplicating issues. All she must do is ACH the cash from her particular person account to the joint account. The signed mortgage settlement is all of the paperwork/clarification you want.
