I need 50 grand by Friday

[KK]

Originally posted by: Mill

Originally posted by: Nutdotnet

Originally posted by: Mill

Originally posted by: MikeyIs4Dcats
whta kinda car you getting?

MB SLK 350

Stupid question:

Is the reason you got your HELOC is to buy that car?

Also, thank your stars your parents had 50k to loan to you...shoot...

Yes, that is the reason I got the loan, although I won't have it (the loan) for long.

Damn, 50k for a car. doesn't that seem excessive to you? not saying you shouldn't spend that much, but damn.

 

[Mill]

Originally posted by: KK

Originally posted by: Mill

Originally posted by: Nutdotnet

Originally posted by: Mill

Originally posted by: MikeyIs4Dcats
whta kinda car you getting?

MB SLK 350

Stupid question:

Is the reason you got your HELOC is to buy that car?

Also, thank your stars your parents had 50k to loan to you...shoot...

Yes, that is the reason I got the loan, although I won't have it (the loan) for long.

Damn, 50k for a car. doesn't that seem excessive to you? not saying you shouldn't spend that much, but damn.

Probably, but I looked into it for quite a while. It is a depreciating asset, but it doesn't depreciate quick at all (in fact they have been holding (90-95% of their value after a year), so I will be losing money, but it will be damn fun.

 

[Kishan]

Mill you're a good man. don't let people here tell you otherwise. Good luck and congrats on the purchase!

Kishan

 

[Pabster]

50 grand for the Benz, good deal

 

[everman]

7% for a month is a nice return. Let me know if you want to borrow 100k at 5% per month

 

[bsobel]

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?

Legally... The principal returned is not income, but the interest you are paying them is taxable (by them). It's clearly not a gift, so pretending it's a gift really won't fly if they get audited (not likely, btw).

Since we are talking about $292 bucks in interest, my advice is just take them all out for a nice fancy dinner in your new car when you pay them off.

Bill

p.s. The gift exlusion is 11k

 

[bsobel]

Originally posted by: everman
7% for a month is a nice return. Let me know if you want to borrow 100k at 5% per month

I assumed that is annulized, not per month.

 

[Mill]

Waiting on Bank Wire... somehow it still hasn't shown up. Argh.