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The unamortized portion of loan fees should be taken as a business deduction.
For tax purposes, this is an ordinary deduction. Do not report the write off of loan fees on Form 4797.
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What is the accounting journal entry to record loan fees amortized?
Debit: Deferred loan origination fees Credit: Interest income
If you had your tax refund put on your emerald card how come I won't get the rebate on the card as well?
You will, assuming you didn't have any fees deducted from your refund or had a rapid refund loan.
How do you record in your accounting system the transaction of buying a car on credit?
Debit full price of car to Vehicles (fixed asset account) Debit Other Taxes expense for the registration fees Credit Loan Payable (liability account) for the total amount borrowed (not the total of the loan payments, just the principal) Credit Cash for any down payment
What does debit memo mean on a bank statement?
A Debit Memo refers to any transaction wherein the bank's account balance is reduced. This memo is applied on bank fees such as interest, loan payments, bounced checks, and transfer of funds.
Examples of long term financing?
home loan, educational loan, machinary loan
What is really meant by net of fees?
If you're asking in regard to a loan, then net of fees refers to the amount of the loan after fees are deducted. Example: If you are approved for a $100K mortgage and the fees associated with the loan (appraisal, title insurance, etc.) totaled $5K, then you would receive $95K "net of fees".
What legal action can be taken with a defaulted payday loan?
The lender can sue for the amount of the loan (including interest and late fees), and any legal fees (such as court filing fees and attorney's fees). They COULD garnish wages and repo any collateral used to "get" the loan.
What is the accounting journal entry to record loan fees amortized?
Debit: Deferred loan origination fees Credit: Interest income
What is charges such as collecting loan fees and the interest the customer pays on the loan?
servicing fee
Are there fees associated with payday loans?
Yes there are fees associated with a payday loan. Many times these fees are astronomically high. Essentially what you are doing is taking out a short term loan with very high interest rates.
Are there any penalties or additional fees to refinance a reverse mortgage loan?
Yes, there are fees to refinance a reverse mortgage. There are always fees or interest rates when getting any type of loan including refinancing your home.
What loan fees are charged by One Hour Cash Advance?
One Hour cash Advance charge various fees. This is dependent on how much the loan is and how long it would take to pay back the loan. There is also a fee for getting the loan quickly.
Which opportunity people have if they want cash until payday loans?
Payday loans are available online or through local check cashing and loan stores. You can apply for a loan or write a postdated check for the amount of the loan plus fees, and the lender will provide you with the desired amount of cash.
Is it legal for the finance company to repossess your car for late fees even though the loan is paid in full?
Yes, the loan is not paid in full if there are unpaid lates fees
Is it true that after 6 payday loans you have paid the loan in fees and the company won't bother you?
absolutely not. You have to pay the loan to pay the loan.
Can a car be repossessed for late fees only?
Once you are late by a single day you are in violation of your loan agreement which means you can be repoed.Until you bring your loan completely current....late fees and all you are in danger of being repoed.Read your loan agreement.
What are the fees charged by Speedy Cash?
"Speedy Cash breaks downs fees by state, loan amount and loan length. Some states have higher maximum loan amounts than others and some have different loan amounts. You would have to visit their site to get detailed information."
