Originally posted by: waggy
Originally posted by: Valkerie
take a loan, don't go to your parents, dumbasses usually do. be a grown up and act like one.
man your family must suck. if you are so afraid to ask them for help you must not be very close.
heck i borrow money from my dad all the time and he borrows money from me. Though i never pay him back and he always pay's me back heh.
sometimes sh!t happans. Mill is just lucky his parents have $50k to give him. Though i hope they give him a LOT of grief over this. If he wants to play he better keep track of when things should be done.
Just dealt with 20 minutes of grief. I completely admit it was my fault for not having the money lined up, and yes I am extremely blessed that they have the money to lend to me for 30 days. If not, I'd be out a deposit and have to restart the ordering process on my car. I'm an all time procrastinator, and I really do try not to be, but it is a struggle and sometimes I fvck up.
In the end, I was told they'd do it, but I promised to give them 7% interest to make up for any investment gains they could have gotten during the month. I got grief from them, but by the same token I explained it was completely my fault, and that I would give them the money the day it hit my account. They trust me and know I will give it to them, and I was the one who mentioned the 7%. Call it a hassle fee for having to deal with me, and the possibility that that money would have grown while invested instead of in my bank account.
Does anyone know the tax implications of this? I would assume since it is a loan that it wouldn't be treated as income as long as there was a written agreement (hell e-mail event) that stated it was a loan, the payment terms, etc. I know you can only gift so much a year before the taxes get really killer. Anyone remember the cap?
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