Questions tagged [family]
For questions relating to personal finance issues within families, e.g. parental benefits, marital finances, cost-sharing, etc.
94
questions
3
votes
1answer
227 views
Can I avoid gift tax by gifting only a portion of a home to a parent instead of the whole value?
I live in Washington state and my mother lives near my brother in California. I was considering purchasing a house with cash, for her to live in. The cost of the house would likely be around $600,...
6
votes
2answers
2k views
How to write down each month borrowing over past month
Since Pandemic I had lost my job and borrowed money or money sent by my parents from saving but I couldn't write it down as I am financially illiterate/bad with maths. Now and in past, it has caused ...
1
vote
2answers
170 views
Setting up a corporation for family finances
Jurisdiction: Canada
Could I set up a private business corporation in Canada to handle my family finances (eg. pay rent, car repairs, even groceries). What are the ramifications? Why doesn't everyone ...
2
votes
2answers
123 views
What is the gift tax rate in Germany if I give my cousins money?
I would like to give a large amount of cash, about $75,000, to a cousin in Germany. What tax rate would they have for such a gift?
1
vote
1answer
75 views
Washington Resident Purchasing Home in California
I was formerly a resident of California (before 2019). I still have family there. Now I was considering purchasing a home in California, that my mother would live in. My mother is almost 70 and ...
2
votes
1answer
115 views
Wife created her own SNAP/EBT (Kentucky) case while on my mother-in-laws case, can this really lead to an investigation?
I'm not overly familiar with SNAP/EBT policies, my girlfriend and daughter were on my mother in law's case(we live on the same property) but after a disagreement my wife called and removed herself ...
0
votes
0answers
83 views
My parents live in England. I live and file taxes in the US. I want to make them an interest free loan to buy a house. Payable at death / house sale
I considered purchasing it as joint tenants in common but that triggers stamp duty on the entire purchase as I’m a non UK resident. I thought they may be able to amend their will to represent the ...
1
vote
1answer
70 views
Family bought a house with cash under my name, what shall be reported in Tax return? [closed]
Thank you for taking out time to help me. I live in the USA and the question related to tax return with IRS.
Last year, my family member, also in the US, send us $50k in my account to buy the house ...
0
votes
1answer
27 views
Claiming tax deduction on Family Health Insurance covering parents in India
I am going to buy a health insurance policy in India. I am single, salaried and 24 years old. And I want to include my parents(both 50 yrs) too in the health insurance. I have the following queries:
...
0
votes
1answer
88 views
How much money can be gifted tax-free as "étrennes" (~Christmas/NY/BD gift)?
The French tax authorities allow parents to give some money tax-free to their children around some special dates, such as Christmas, new year eve, the child's birthday or the child's success at some ...
0
votes
1answer
134 views
Pooling student loans with sibling
I graduated in 2017 with a bunch of student debt that my parents held on my behalf (~$130k). My sibling went to the same university as me and my parents also took out debt to fund her education. ...
1
vote
3answers
203 views
What are the risks of getting an additional credit card just so my parents get more points?
My father is retired and one of his hobby is to gather as much credit card programs as he can and manage them in a way as to maximize returns and minimize costs. I know that this can be a risky ...
57
votes
13answers
14k views
Should a sibling pay rent to another sibling on a jointly owned house?
My sister and I own our parents' home. In July 2000, our mother became unable to live on her own. My sister and her husband didn't want to move in because the house was too small and too old. They ...
9
votes
1answer
413 views
How much does it cost to raise a child for the average American family?
A few people have asked how much money they should plan to put aside in order to raise a child given their specific financial situations, but I can't find any information here on average childrearing ...
9
votes
3answers
2k views
Are there countries where children are forced to inherit their parents' debts?
Are there any countries in the world where the debts of the deceased must be inherited by the deceased's heirs?
In the UK and USA, it seems to be well understood that if the deceased's estate is ...
2
votes
1answer
512 views
My mom coerced me into giving her all my paychecks
I'm currently 19 for some background...(in aurora Colorado)
My mom is a single mom raising me even though my father and her are technically still married. She made me get a job when I was 16 which I ...
1
vote
1answer
73 views
Legal constraints on real estate loans to family members
I'd like to "refinance" the remainder of my home loan with my parents, meaning, they would pay off the remainder of my loan, and I would pay them an agreed-upon interest rate for an agreed-upon time. ...
1
vote
2answers
219 views
How to deal with my dad's newfound obsession with Western Union and sending money to strangers in the U.S.? [closed]
I'm 23 and live in Vancouver with my mom and dad. (My sister lives in Toronto center, but she's with her girlfriend; she's 29).
Over the past few months (well, since March 2019) my dad's become ...
1
vote
1answer
242 views
Triplex - Joint Property with my brother - 50/50 Investment - I am moving out
Hypothetical question:
Jonathan and Anthony own a triplex 50-50.
If Jonathan is currently living in 1 of the 3 apartments of a triplex, Anthony is living in the other apartment unit and they do Airbnb ...
2
votes
1answer
131 views
Personal loan from mother
My mother paid my college fees when I came to America for my master's degree. She also paid my living expenses. All of which amounts to around 40,000$. She paid me this amount between 2015 to 2016. I ...
0
votes
2answers
261 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
249 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
126 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
18k 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 ...
77
votes
11answers
22k 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
200 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
225 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
616 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
372 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
128 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
216 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
1k 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
157 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
301 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
113 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
660 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
252 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 ...
92
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 ...
12
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
161 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
748 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
77 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
146 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
415 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
52 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
551 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
191 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?
