Questions tagged [family]
For questions relating to personal finance issues within families, e.g. parental benefits, marital finances, cost-sharing, etc.
74
questions
0
votes
2answers
230 views
Open Money Transfer card in my name for family member's debt
My sister and brother in law have a single joint bank account with an arranged overdraft of £3,000 and they are, for all intents and purposes, maxed out on it. This means they are incurring charges of ...
0
votes
2answers
133 views
Keeping track of birthday money with double-entry accounting
I'm trying to figure out how to keep track of my kids' birthday money in a double-entry accounting system (GnuCash).
Currently I am keeping track of the amounts as sub-accounts of my checking account ...
0
votes
1answer
107 views
Why would the operating company's other non-familial shareholders be concerned with your internal family arrangements?
Tax Planning for You and Your Family 2019 by KPMG. p 225.
A holding company is often appropriate where you have family members
involved in your business (perhaps for income splitting purposes), ...
75
votes
11answers
17k views
Parent asking for money after I moved out
My parents are divorced and my dad has to pay to my mom financial support for everyone in the family. Because I moved out, my dad removed part of this financial support that he gives my mom. She is ...
76
votes
11answers
21k views
Dissuading my girlfriend from a scam
A significant portion of my girlfriend's family have fallen for, what seems to me, an obvious ponzi scheme.
They take money, in cash, to a casino in the area. They give the casino the cash, and one ...
19
votes
13answers
13k views
Considerations when providing money to one child now, and the other later?
I have two children. My oldest has a mortgage and pays interest on it. I have cash savings but do not earn significant interest on them. Since I don't need all of the money for myself, I would ...
3
votes
0answers
188 views
I want to be a landlord for a family member. How do I structure my mortgage?
My father-in-law is wanting to live the remainder of his life in a nice bungalow near our family. I've agreed, in principle, to be his landlord.
Let us work with the following numbers:
House price ...
7
votes
3answers
218 views
Emergency and Community Fund for families
We are about 20 families with common background and roots living in Massachusetts, closely related. We organize a reunion once a year. We also try to help each other financially when we can. To ...
1
vote
3answers
338 views
Opening account for family in my name
Sibling of mine asked me to open an bank account for her in my name. She wants to fill it with her savings and use it on day-to-day basis with a debit card.
I have a strong feeling this could ...
2
votes
1answer
249 views
Liability for our son's car loan [duplicate]
My husband and I have co-signed for our son's car loan, and also he is listed on our car insurance coverage. If he gets in an accident, can we be sued?
0
votes
3answers
110 views
What are fair methods to buy out an equal share holder in a mortgaged property?
TLDR:
What are fair methods to buy out an equal share holder in a mortgaged property?
Curent situation:
My partner and I, and her parents have entered in to a mortgage on a piece of land. It is ...
35
votes
3answers
12k views
Should I pay myself back for paying family's rent out of our pool of money?
A few months ago, I paid the $1,500 rent on the house where my family and I lived. My siblings and I are in college and we work part time jobs to get by.
My father could not afford to pay the rent ...
17
votes
1answer
5k views
How to handle a parent going through divorce asking to borrow money
Asking for a friend. The parents are currently going through a divorce and one parent is struggling a bit financially to pay for lawyer fees for example and needs to borrow money.
The problem is that ...
4
votes
1answer
168 views
IRS ramifications of renting to a family member who also entitled to 1/3 of home (informally)
My mother quit claimed her mortgage-free home to me many years ago. It was understood that she would retain financial control the remainder of her life, although never formalized as a living trust. ...
4
votes
2answers
542 views
How to fairly divide a jointly owned house (not with a spouse)?
So I am looking at buying a house jointly with my cousin. I have a higher income and better career prospects, they have a larger proportion of the deposit. Neither of us would be able to break into ...
0
votes
2answers
132 views
How can I help prevent phishing attacks on family members
While visiting family for the holidays, a family member received a "paypal" email asking for account updates. She clicked on the link, provided her login information and started filling out a form ...
2
votes
1answer
118 views
Does paying back a parent for a car count as a 'GIFT' title transfer, or a sale title transfer?
I am trying to break free and be an independent self, and I couldn't find a similar topic like this on the Exchange.
[Virginia] My parents got a Nissan Altima 2015 and I have slowly been putting ...
0
votes
1answer
109 views
loan on behalf of family
What do i do when my cousin and I took out a loan we never signed any documentation, and now she backed out of the payments. All I have is statement of her making payments before and it stopped and ...
4
votes
3answers
642 views
What is today's price of €15.000 given 15 years ago?
15 years ago my father gave about €15.000 to a family member in exchange for her share in an inheritance (not materialized to this day). Now this family member has changed her mind and she wants to ...
1
vote
2answers
245 views
Taking Care of Family
Short Version:
If one is doing well - but by no means wealthy - what is the best strategy for watching out for relatives who are less well off?
Long Version:
My wife and I are in our early 30s, and ...
93
votes
19answers
31k views
Are my parents ripping me off with this deal that doesn't allow me to build my equity in my home?
When I bought my condo with cash for $155k, I paid $40k of my own money and my parents lent me $115k. Our agreement was that when I eventually sold the condo, my parents would get 75% of the gross ...
13
votes
2answers
1k views
How do I prevent my ex from making bank and credit card accounts using my son's SSN?
As you may see from the history of my questions, my ex-wife is a financial disaster. Forever out of money, forever on the edge of crisis, forever not wanting to hold down a normal 9-5 job. But show ...
3
votes
3answers
152 views
Financial Security for a Starting Family
Today I have gotten into an argument with my fiancee and I want to hear everyone's opinion on this.
I received a call today from a company that I consider to be my dream company. They are a big ...
3
votes
1answer
330 views
Adult sibling - dependant or tenant?
My spouse and I own our house (about a decade or so left on the mortgage, will be paid off early). My sibling lives nearby, renting an apartment. Rent is rather high in this area, and we've talked ...
0
votes
1answer
76 views
Making enquiries about shares
My father had bought shares in 1999. I do not have any physical record of this, as they are held by one of my father's friends, who is not available right now. Is anything possible, and if so, how?
0
votes
1answer
144 views
My wife and I work for same employer. What are our options for health insurance?
My wife and I work for the same employer (a school district). My school offers full single coverage or $14,000 towards family coverage. A single policy costs $12,000, and a family plan costs $28,...
1
vote
1answer
357 views
A foreigner has $11,000 and they are flying to the US. They claim it on FinCen 105. They show the form to the CBP agent. What happens next?
A foreigner has $11,000 and they are flying to the US.
They claim it on FinCen 105 and the CBP Form 6059-B. They show the forms to the CBP agent.
What happens next?
The purpose is a long family ...
4
votes
2answers
46 views
Criteria for commercial loan so that interest is deductible?
A family member wants to lend me money for a business venture. I want to be able to deduct the interest I pay him as a business operating expense. However, I understand that the IRS is often skeptical ...
2
votes
2answers
500 views
I'd like to loan my son and daughter-in-law money to pay off credit card and student loan debt
I'd like to loan my son and daughter-in-law money to pay off credit card and student loan debt. Total is 40k. I want to avoid tax problems and they would be responsible to repay or repay upon their ...
2
votes
1answer
156 views
Sending money to siblings in India by an NRI
I owe $40,000 to my brother in India. Does he have to pay taxes in India if I send the money in one year period (10 monthly installments) to his savings account in India as gift or loan repayment?
12
votes
2answers
772 views
Do my parents need to pay me minimum wage?
Next summer I am going to work for my parents. They own the company. Do they need to pay me minimum wage?
I'm 14. It is a gas fitting company. And I live in Canada. BC
32
votes
11answers
11k views
Should I charge my children interest when they borrow money? [closed]
My children (both male, ages 25, soon to be married, & 32, married) have borrowed money from me and my wife on several occasions. They have yet to pay us back what they borrowed. We have never ...
1
vote
0answers
182 views
Is Gift tax due on transfer of USD and mutual funds from non US citizen brother outside USA to sister, Permanent Resident in USA?
My sister is in USA for many years, as a permanent resident. I wish to send her about 150K $ as gift from my bank account abroad. I am an Indian citizen. These funds are from my savings while working ...
0
votes
2answers
343 views
How do I tie up an inheritance?
I stand to inherit a large estate over the next ten years or so. The inheritance will come from my direct parents and step parents, who have no other children.
However, I know that other members of ...
4
votes
2answers
174 views
Investing for family
I have a personal investing style which nets me exceptional returns for small investments (under $600k) and 2% - 8% better than index funds (annualized) on larger investments. Let's say my parents ...
4
votes
2answers
254 views
Proper/best way to loan money to a family member
If I want to loan money to a family member so that they can pay off student loans quicker, I have a few questions.
Is it inevitably taxed by the government?
What is proper documentation procedure (or ...
4
votes
2answers
471 views
What to consider when loaning parents $50k to pay off investment property
I am looking for the potential pitfalls I could be about to fall in, and ways to mitigate them. I live in Australia.
My fiancee and I have roughly $100k in savings, which we want to use to buy a ...
2
votes
1answer
9k views
Financial considerations in buying out siblings on inherited house
My wife and I have the option to buy out my late mother's house from my two siblings; we currently are in the process of inheriting it jointly. They would like to sell the house to someone as soon as ...
3
votes
3answers
211 views
Beginning investment
I'm 24, live in Australia, married (no kids) and renting. My wife studies and works a well paying, flexible job.
I work in an unskilled government job that pulls in $50k-$60k per year.
Currently we ...
1
vote
1answer
100 views
Can Per Diem deductions include family travel, meals and housing?
I have a house in one place and found a job in another place that pays very good rate.
Since I don't want to live separately from my family I want to rent a house near work place and live together ...
2
votes
0answers
1k views
Dependent care FSA: Paying a grandparent for providing childcare?
I have a dependent care FSA account that I set up. Both my wife and I are employed.
I would like to use this money to pay for my child's care at home by his grandmother.
I already know that I can ...
0
votes
1answer
624 views
Tax implications of dad paying cash for my home, and me paying him back?
My father found a better loan than us, so we are thinking about him giving us the money for the house, we pay cash for the house so we get it under our name, and then we pay to him every month for the ...
5
votes
2answers
10k views
Will my father still be eligible for SNAP if I claim him as my dependent?
My income is over $50K/year. I am 30 years old.
My father's income from ALL sources is $0/year. My father is 55 years old.
I give $1,000/month via online banking transfer to my father. He also gets $...
2
votes
0answers
119 views
Financial product with high variance, instead of lottery
When I was a kid, our family would once a year play the lottery.
We kids talked with our parents about what we would do if we won the jackpot, and whenever we won something small like $100, we would ...
28
votes
6answers
9k views
Loan to son - how to get it back
A few years ago, we loaned our son money to start a business, which did not flourish. Yep, we know now it was a bad idea. But now, we owe $54k on our equity line, which he is only paying interest on....
6
votes
3answers
979 views
What to do if my aging father is sustaining a hobby that is losing several thousand dollars every month?
My grandfather owned a large and successful bookstore company. My father became was the manager of this company. Due to political reasons, my father was kicked out this family business. (He was pro-...
1
vote
2answers
245 views
How do auto-loan payments factor into taxes for cars that are solely used by dependent(s)?
I financed a car under my name so that my sister could drive to work and my mother (who I'm claiming as a dependent, myself as head-of-household) could get groceries and run basic errands. I myself do ...
6
votes
3answers
7k views
Where/Who do I have to notice the family status (after marriage) change to in Germany?
I live in Germany, and I have recently gotten married.
Since this change affects my income taxes - I need to notify Finanzamt (tax office). Do I do it by some letter or by coming in and filling in ...
40
votes
4answers
13k views
I am considering leasing a new car for my ex-wife. What can go wrong?
My ex-wife is a financial wreck and is about to lose her car (lease is over) in an area of the country where you can't get around without one. She can't get a new one because her credit is really bad ...
6
votes
2answers
318 views
How to deal with variable income in the budget
We have a budget planned out for various categories, and in order to make ends meet we count on child support for my wife's child from a previous marriage. However, lately we have not been receiving ...
