We're gonna need a bigger bank
Posted on 08/10/2008 7:56:16 AM PDT by Publius804
Richard Dreyfuss sues father, uncle over loan
1 day ago
LOS ANGELES (AP) — Richard Dreyfuss is suing his father and uncle over an $870,000 loan he claims was never repaid. The lawsuit centers around a loan Dreyfuss claims he made to his relatives in 1984, who owned an interest in a downtown Los Angeles office building.
Roughly 24 years later, Dreyfuss says that loan — and interest — remains unpaid.
(Excerpt) Read more at ap.google.com ...
We're gonna need a bigger bank
I've made loans to relatives. If they pay back the money w/no interest, then there is no tax (other than the original taxes paid on the money). If they don't, then it's taxable income to the borrower. If they pay it back with interest, the interest is taxable income to the lender. That's if I understand this correctly. And the whole question of gift taxes comes in, too, if it's not paid back.
My loan was paid back promptly with no interest. But over 3/4 of a million bucks? There are going to be some serious tax questions, and I'm guessing that's why there is a lawsuit.
Some fathers deserve to be sued.
but in my own mind, I think of it as a gift.....Sorry.
The loans, like this thread, on borrowed time.
In Louisiana, if one does not receive any payment (i.e. interest or principal) for five years and has otherwise made no effort to collect, the note is extinguished. Now, the IRS might want to speak with Daddy and Uncle if they did not declare the income upon extinguishment of the debt.
Can’t write it off as a bad debt unless you can show you tried to collect it.
“Richard Dreyfuss sues father, uncle over loan”
Wait a minute....Isn’t Dreyfuss older than dirt? His dad is STILL alive?????
“Just reinforces stereotypes.”
It is stories like this that make the Jewish half of me just cringe.
I am talking about the vapid, Hollyweird, self-centered, sue your own father, leftist stereotype.
No, he just looks older than dirt. He was born in 1947, which makes him just 61.
“I am talking about the vapid, Hollyweird, self-centered, sue your own father, leftist stereotype.”
Well in this case, I suppose both stereotypes are applicable.
Don’t loan money to relatives.
You have it backwards. Contracts have statutes of limitations. Crimes do not.
some stereotypes fit unfortunately
i can guarantee you from my 50 years that leftists are more selfish with what is their’s
Spewing all manner of contumely while discussing conservatives and Medved's listeners he attracted a lot of calls. Anytime a caller would attempt to confront him and his hatred he'd demand, "Make him stop, Michael. Make him stop."
I've gone through that drill with my youngest son.
Ann Landers once had a complaint by a rich guy who told of relatives, some VERY distant, who always approached him for a "loan". He didn't want to alienate family but thought some of 'em were poor risks.
Another rich guy wrote in with a Solomon-like soultion: When someone asked him for a loan, he said OK, with strings. He would deposit the sum needed in a bank and the borrower could then take out a loan against it. Now when the borrower fell behind in payments, he had to argue with the bank, not his rich relative and family peace was kept. The thing was, the guy said not many fell behind because those who were deadbeats wouldn't go for the plan from the Git-Go. Those who were OK with it jumped at the chance.
I take it that they were his realtives in 1984, but are no longer his relatives. He is now suing, since they are no longer (Perhaps he divorced/disowned them, including Daddy!) family?
That seems to be what the writer is saying; but since the writer is also a Journalist, who knows what was actually meant, let alone true.
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