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My brother wants to borrow 150K from me. Is my brother or I obligated to pay taxes to Uncle Sam?
Tiffanyphan67
A loan is not a taxable transaction. If the loan is forgiven, the brother would have to pay income tax on the forgiven amount.
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∙ 11y ago
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How does congress borrow money from the people of the US?
through taxes
What do congressmen mostly focus on?
Taxes, taxes, taxes. They're currently trying to borrow their way out of debt.I believe… whatever doesn't kill you simply makes you…stranger.
Will you have to pay taxes on money received from a deceased uncle?
Generally, no.
What are two Powers the US and Florida governments share?
Borrow money and levy taxes
Where does the unpaid dollars collected by unemployment insurance go?
The fund, created by the business-paid payroll taxes, accumulates in the states coffers. In the present economy, where extensions last for a total of 99 weeks, there is no surplus. In fact, states are having to borrow from the Federal government in order to pay their obligated benefits to recipients.
Can you do taxes if im on welfare calworks?
Yes, you can still do taxes if you're on welfare Calworks. Actually, anyone who resides in the USA is obligated to turn in an annual federal tax return.
What if your uncle bought a second property but you were the one living there paying the mortgage payments and claiming the interest paid on your taxes Can your uncle be exempt from the form 1099 C?
The lender issuing the 1099C is required to issue the form to debtor. The person on the financing paperwork was obligated to the debt, not you. Therefore you can not be forgiven a debt you were not responsible for. However, it is generally a simple matter to prove insolvency for many debtors. The Uncle should check with a CPA to see if they qualify as insolvent (Liabilities exceed assets).
Are you obligated to pay your deceased mothers IRS taxes if you are her executor?
You are not personally responsible for them, they will be paid from her estate. It is your responsibility to see that is done.
What are two powers that the U.S. and the Florida governments share?
Borrow money and levy taxes
Both the national and the state governments have the power to collect taxes and to borrow money These are a good example of what?
Concurrent powers
Both the national and the state governments have the power to collect taxes and to borrow money. These are a good example of which of the following?
to be smarter
Which of the powers is not a power granted to the congress coin money lay and collect taxes establish postal service borrow money or all of the above?
American Gov't they are collect taxes
