Payday Loan in Maine

We are an immediate loan specialist in Maine, and we are quicker and more advantageous than run of the mill retail facade banks since we're based on the web and are open constantly. No compelling reason to sit tight for "ordinary business hours" or invest energy flying out to the store — our short application can be finished in not more than minutes. You can even apply from a cell phone while you're in a hurry!





We can loan up to $500 to Maine occupants, in view of qualifying elements. On the off chance that endorsed, your credit will be expected on your next payday that falls in the vicinity of 10 and 31 days after you get your advance. As you consider whether an advance is proper for your prompt needs, you ought to likewise investigate other subsidizing alternatives. A payday credit is a genuine budgetary duty, and not an answer for long haul issues. Getting from a companion of relative may be a superior alternative.

    Here's the situation: A family member wants to sell a substantial amount of his gold coins and have the dealer transfer the profits directly to me as a loan that I can use towards buying a house. Why he's doing this: A) so I can have an interest free loan towards making my downpayment (and yes, I have since found out that there is no interest-free loan in the eyes of the IRS, but that's another matter) and B) He believes that, if the profits never touch his bank account but go directly to me, then he is essentially transferring his money from one type of investment (gold) to another (real estate) and can avoid the capital gains income tax (which I believe is very high on gold). I am planning on consulting a tax lawyer, but I just thought I'd see if anyone knows anything here, too. Would this plan work? Is there anything illegal about it? Serious answers only, please. thanks in advance.

    It's illegal in the sense that it doesn't meet any of the qualifications for a tax-free exchange. Even if he exchanges gold coins directly for real estate, the gain on the gold coins would be taxed. One reason is that an exchange of investment property for other investment property is tax free only if the exchanged properties of a like kind, and real estate and gold coins are not of a like kind. Another reason it doesn't qualify is that you are acquiring the home, not him. Another reason the exchange doesn't qualify as tax free is that both the exchanged and the acquired property have to be held for investment; a principal residence doesn't qualify.

    His belief on the profits never touch his bank and go directly to you would be tax free is TOTALLY NONSENSE!! This transaction is not like-kind exchange so any gain from this transaction is fully taxable. It does not matter where the profits end up. A sale is completed since he transferred the ownership of the gold coins to someone else. This is all the IRS needs. So if he doesn't pay taxes on this transaction, he could be in trouble with the IRS.

    Aurora2615, Forget the tax lawyer. Why doesn't the family member gift you gold coins? This would be legal. He can gift up to $13000 a year without filing a gift tax return or paying a tax.You do the math for each year he gifted you so you have accumulated yearly gifts up the down payment . Write a letter for each year of the gift. Just make sure, for example in 2007 the max was $12,000. Then you can sell the coins after he gifts you the coins at Fair Market Value and poof, the gain disappears. Now if he wants the money back as a loan repayment, you gift it back to him year by year.

    Expensive very small question for a great answer and a great clarification, be on tax making plans I understand your question, ask any maine who's stable and experienced. Sale of assets on income actual attracts tax, you may positioned money into style of homes there's no decrease yet ought to shop the cost rate reductions and value rate reductions in tax-bonds. so as which you may make investments, evasion of tax isn't beneficial or should not be inspired.

    If you sell gold coins and have a gain, you must report it on your tax return. No choice.

    Gifting won't work--any capital gains would become your problem and if you sold them, you'd get to pay it.

    Thankyou everyone for all the answers.

Ayla Vandervort
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Emilie Goodwin
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Kaela Heaney
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