James Biden doesnt have any documentation for those supposed loans.

[Lesh]

I'm sure the IRS will accept his word for it.

The IRS is only involved if there is interest.

 

[SassyIrishLass]

/----/ Neither do I, but my credit report and bank will retain those records.

White says...oh

 

[Lesh]

Why are you assuming Joe was totally innocent and oblivious as to where that money came from?

That’s what we do in this country, no?

Innocent until proven guilty?

 

[Marener]

Why are you assuming Joe was totally innocent and oblivious as to where that money came from?

I have no reason to believe otherwise. Why do you make assumptions that you have no evidence to support?

But I'm still interested to know how you determined it was "ill gotten" gains, whatever you mean by this vague accusation.

 

[Marener]

White says...oh

Surely you guys understand that a bank loan is not that similar to loaning your brother money. As in, you're not necessarily going to sit down and write it all out.

Right?

 

[Godboy]

GAWOD you people are dumb.
Family transaction.
No docs needed.
Private transaction
No docs needed.

In your mythological family if you lend $20 bucks to your fantasy mom do you
Do a credit check?
Draw up a mortgage?
Set a payment plan?

View attachment 907090

This wasnt $20, it was $240,000.

 

[Marener]

The IRS is only involved if there is interest.

If you give someone (anyone) an interest free loan, the interest you should have charged is considered a gift. The IRS maintains a lowest possible interest rate to determine what should have been charged.

So technically Jim Biden was gifted a few thousand by getting the loan interest free. It’s not enough to trigger any of the gift tax or gift filings with the IRS.

 

[Godboy]

If you give someone (anyone) an interest free loan, the interest you should have charged is considered a gift. The IRS maintains a lowest possible interest rate to determine what should have been charged.

So technically Jim Biden was gifted a few thousand by getting the loan interest free. It’s not enough to trigger any of the gift tax or gift filings with the IRS.

And you think this "gift" is reflected in their taxes?

 

[Dadoalex]

This wasnt $20, it was $240,000.

Could have been $240M
Wouldn't matter in a private transaction not involving any mortgage or bank.

You can clean up your stinky pinkies now.

 

[Marener]

And you think this "gift" is reflected in their taxes?

Why would it be? You do not owe taxes on gifts.

 

[Lesh]

If you give someone (anyone) an interest free loan, the interest you should have charged is considered a gift. The IRS maintains a lowest possible interest rate to determine what should have been charged.

So technically Jim Biden was gifted a few thousand by getting the loan interest free. It’s not enough to trigger any of the gift tax or gift filings with the IRS.

It was a two month loan.

What’s the interest amount at “the lowest possible rate” for two months on $20K?

 

[hadit]

Oh, Sorry. I thought you thought everybody should keep that sort of stuff past business requirement statutes. Some companies file old business records by date in dated file boxes, so they know when they can be destroyed, on purpose. Good practice, in my opinion.

They need to get rid of them, because if an auditor finds them, they are fair game for audit. IOW, they're toxic.

 

[Marener]

It was a two month loan.

What’s the interest amount at “the lowest possible rate” for two months on $20K?

A few thousand maybe. Just rough estimates. Not enough to trigger any filings.

 

[DudleySmith]

Why are you assuming Joe was totally innocent and oblivious as to where that money came from?

They're banana republic backers, so of course there is nothing wrong with their crimes; they're entitled.

 

[Marener]

They're banana republic backers, so of course there is nothing wrong with their crimes; they're entitled.

Just trying to figure out what the crime is.

 

[Godboy]

Could have been $240M
Wouldn't matter in a private transaction not involving any mortgage or bank.

You can clean up your stinky pinkies now.

Thats an absurd statement. I guess with your theory, every fraudster on Earth can just claim "it was a loan and i have no proof of it".

 

[Godboy]

Why would it be? You do not owe taxes on gifts.

The **** you dont. Anything over 15k has to be reported to the IRS.

 

[Marener]

The **** you dont. Anything over 15k has to be reported to the IRS.

The gift giver has to report it.

The free interest on the loan amounted to far less than $15k.

 

[Godboy]

The gift giver has to report it.

The free interest on the loan amounted to far less than $15k.

Who the **** is talking about "interest on the loan"? Any loan over 15k has to be reported, and we know that it wasnt.

 

[Marener]

Who the **** is talking about "interest on the loan"? Any loan over 15k has to be reported, and we know that it wasnt.

The interest is where the taxes potentially come in. Why does the loan need to be "reported"?