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Viewing profile - creamcitian

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creamcitian
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Joined: Sun Apr 15, 2007 1:41 pm
Last visited: Wed Sep 17, 2008 10:24 am
Total posts: 16
[0.02% of all posts / 0.00 posts per day]
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Most active forum: Personal Finance
[ 16 Posts / 100.00% of user’s posts ]
Most active topic: Paying Off My Sister's Debt
[ 12 Posts / 75.00% of user’s posts ]

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Location: Milwaukee, WI
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Interests: Frisbees, Barbecues, Mountain Dew
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Stupid finance.

creamcitian Posts

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 Forum: Personal Finance   Topic: Paying Off My Sister's Debt

Posted: Tue Sep 16, 2008 4:42 pm 

Replies: 30
Views: 8529


thank you. and you're right, the ex-husband is a complete loss in, every sense of the word - both good and bad. thank goodness she is done with him

 Forum: Personal Finance   Topic: Paying Off My Sister's Debt

Posted: Tue Sep 16, 2008 8:37 am 

Replies: 30
Views: 8529


thanks. i was going to let her languish in debt for another month or two because of that time when we were kids when she threw her wooden dr. scholls clog at me, making me bruise and bleed. but after nearly 30 years, i decided to let bygones be bygones.

 Forum: Personal Finance   Topic: Paying Off My Sister's Debt

Posted: Tue Sep 16, 2008 5:03 am 

Replies: 30
Views: 8529


yuppers, going to go talk to a tax gal. i thought there would be an easy answer (i know, it's taxes, what was i thinking?) but it seems that's not the case.

 Forum: Personal Finance   Topic: Paying Off My Sister's Debt

Posted: Mon Sep 15, 2008 9:54 pm 

Replies: 30
Views: 8529


it's not like that. she was married and worked full-time while going to law school nearly full-time while taking care of an invalid husband. after four years of school the husband got better and left her with all the debt (yes, legally speaking he is liable for it too, but he won't pay and her credi...

 Forum: Personal Finance   Topic: Paying Off My Sister's Debt

Posted: Mon Sep 15, 2008 8:53 pm 

Replies: 30
Views: 8529


Quote:
Also, if you are married, your wife can gift 12k also without touching your lifetime exempt amount. So you and your wife could give 24k total, for this year.


ahhh, tricky. i like it! that'll be a bonus. thank you kindly!

 Forum: Personal Finance   Topic: Paying Off My Sister's Debt

Posted: Mon Sep 15, 2008 7:06 pm 

Replies: 30
Views: 8529


i'll owe the tax? now that's just goofy. thanks for the heads up. it is sincerely appreciated. looks like "one fell swoop" isn't so smart. i will seriously have to consider just giving her a grand a month as a gift. i think i will also talk to a tax gal. who knew taxes were so complicated?...

 Forum: Personal Finance   Topic: Paying Off My Sister's Debt

Posted: Mon Sep 15, 2008 6:47 pm 

Replies: 30
Views: 8529


A qualifying educational organization is one that normally maintains a regular faculty and curriculum and normally has a regularly enrolled body of pupils or students in attendance at the place where its educational activities are regularly carried on. See section 170(b)(1)(A)(ii) and its regulatio...

 Forum: Personal Finance   Topic: Paying Off My Sister's Debt

Posted: Mon Sep 15, 2008 6:32 pm 

Replies: 30
Views: 8529


groovy. thanks Greenewashed. it looks like i can pay the student loan off directly for the full amount of the tuition she incurred and then gift the rest for a couple of years until it's all paid off. not the neatest method, but that law school student loan is nasty and the rest is easily handled by...

 Forum: Personal Finance   Topic: Paying Off My Sister's Debt

Posted: Mon Sep 15, 2008 6:06 pm 

Replies: 30
Views: 8529


What is considered a gift? Any transfer to an individual, either directly or indirectly, where full consideration (measured in money or money's worth) is not received in return. but would i be transferring the money to her indirectly? What can be excluded from gifts? The general rule is that any gi...

 Forum: Personal Finance   Topic: Paying Off My Sister's Debt

Posted: Mon Sep 15, 2008 5:47 pm 

Replies: 30
Views: 8529


nope. no 1099s or W2s or anything like that (unless there would be benefits to doing so) - just sending in a check drawn from my personal checking account (unless there's a better way) to the loan people to pay it all off. unfortunately the total debt is more than Uncle Sam allows for gifting per ye...

 Forum: Personal Finance   Topic: Paying Off My Sister's Debt

 Post subject: Paying Off My Sister's Debt
Posted: Mon Sep 15, 2008 4:25 pm 

Replies: 30
Views: 8529


I would like to pay off my sister's student loans, car loan and credit card debt and am wondering what the tax consequences of such a move would be for her and for me. Any ideas?

Thanks!

 Forum: Personal Finance   Topic: Finance? We Don't Need No Stinkin' Finance!

Posted: Fri Apr 20, 2007 4:46 am 

Replies: 10
Views: 8361


Thanks everyone for all the tips in this and the other thread I posted - I appreciate all the help. What I've always thought (and still do now) is that investing isn't worth my money. Perhaps I'll put my money in one of those online savings account that return 4-5% but that's it. The rest? Well, I d...

 Forum: Personal Finance   Topic: Finance? We Don't Need No Stinkin' Finance!

Posted: Tue Apr 17, 2007 5:10 am 

Replies: 10
Views: 8361


So, it seems like equity-indexed annuities aren't the answer - what's a guy who doesn't want to lose his money to do? I've watched over the last two decades as people I've known have gotten wiped out in stock market crashes losing their 401(k)s, IRAs and everything else because the professionals tha...

 Forum: Personal Finance   Topic: Equity-indexed annuity

Posted: Sun Apr 15, 2007 5:37 pm 

Replies: 14
Views: 11724


The thing that interested me so much was if the index you matched against fell, you didn't lose a dime and if the index rose you gained up to a predetermined amount. The example I was given is if I invested $1000 for a year and matched against the S&P 500 - if the S&P 500 tanked I would stil...
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