03-07-2024, 04:18 PM
(03-07-2024, 03:26 PM)Luvnit2 Wrote: That is an interesting take, do you have the same thought in relation to Hunter Biden being loaned money by the dude from Hollywood or Jim and Joe Biden loans?
If so, a gift is taxable about 17.500 a year received by anyone.
The key in this case of it is not a straight gift is because a legal document with terms would be created and used to determine repayment, maybe never, maybe many years from now Ukraine would be in a position to repay it.
That's aninteresting take...not a good one but interesting
Whether you like it or not...the Hollywood guy testified under oath that he loaned the money to Hunter Biden with expectations that he would be paid back.
Yes, by the technical letter of the law, Joe should have charged interest but as you know interfamily short-term loans often skip some formalities. Based on testimony the loan was repaid in less than 2 months. So the money wasn't a gift so no tax liability there and at a time when interest rates for short-term loans were less than 2%. So a 2-month long $200,000 loan at 2% annual interest equals to about $500 of uncharged interest
Fueled by the pursuit of greatness.
