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Results tagged with family
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user 187
For questions relating to personal finance issues within families, e.g. parental benefits, marital finances, cost-sharing, etc.
19
votes
Joint owned property 50% each. Can 50% rent be charged?
Will offers a choice in which the child wanting the house is given the chance to finance it or work out an intra-family loan, else it is sold. …
2
votes
Accepted
Family bought a house with cash under my name, what shall be reported in Tax return?
The simple answer is "no". A recipient of a bona-fide gift isn't obligated to pay tax on that gift.
In the US, a gifter might have some obligation. I am only permitted to gift $15,000 per year per rec …
1
vote
Emergency and Community Fund for families
And there is no easier way to build resentment among friends and family vent to start getting involved in such an endeavor. …
17
votes
Accepted
How should we deal with money during my spouse's maternity leave?
I hear you (and those answering) use the words "my money" (or "me to pay for stuff") The sooner that ends, the better off you'll both be. My wife and I do have our own checking accounts that we mainta …
2
votes
What are some ways your family has saved money via resource-sharing or hand-me-downs?
I don't know if BJ's or Costco is by you, but sharing a membership can make sense. Not just the annual fee, but splitting certain items that are just too big. The 20 pack of batteries, the 30lb sacks …
3
votes
How to protect your parents if they never paid Social Security?
I'm not unsympathetic, but insurance of what kind? I don't know how he'd have owned a restaurant but failed to pay into the social security system. Was he paying taxes at all?
As for the 'why,' ther …
7
votes
If I pay someone else's property taxes, can I use it as a deduction on my income tax return?
To make matters worse, if you pay the property tax your mother in law can't take the deduction either. You may be better off paying rent and having her handle the property correctly, as a rental.
3
votes
How do we share vacation costs between families for lodging and food?
We had a similar situation. Rented a 3br house, 3 of us (wife, daughter, me), and the other person was my sister in law. Since she had 1 BR, and we had 2, it was fair to have her pay 1/3. The car had …
4
votes
Buying a home with down payment from family as a "loan"
In effect, you are paying for 70% of the house but he gets half the gain. On the flip side, you're living there, so that probably makes up this difference.
It will be toughest if the house jumps in v …
3
votes
How to plan my Finances when about to have a baby: What are some considerations to be aware of?
Child care - will a parent stay home? Bring Child to daycare? Nanny? This can range from $4k+ to nearly $15K for daycare outside the house. For a nanny (of course, we found a gal with a masters degree …