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I went through a period where I loaned money to anyone that asked me

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Re: I went through a period where I loaned money to anyone that asked me

#131

Post by luxuryballs »

alach11 wrote: post #93

I loaned a close college friend $7000 last year. Due to life circumstances and lack of family resources, he was stuck in a rural area with no developer jobs. He was having trouble landing a remote job and I ignorantly asked why he wasn’t applying to in-person jobs on the west coast. He told me that he certainly wouldn’t be able to afford to move and I told him “don’t let that stop you”. Fronting him moving expenses w…

The risk of them not being able to pay you back and thus destroying the friendship is so high that I wouldn’t recommend this unless you are ok with losing that person as a friend OR you just give them the money without expectation of it being paid back.

Re: I went through a period where I loaned money to anyone that asked me

#132

Post by theonething »

greyface- wrote: post #115
lotsofpulp wrote: post #98

Earlier quoted context omitted.

In the US, gifts of up to $11M or maybe $12M are not taxable.

Notably, that's a cumulative lifetime limit, not per gift or per year.

That doesn't sound right

The per year limit for 2023 is 17,000. A 11M lifetime limit would mean 647 years of giving.

I think the 11M figure is just totally way off. Not sure where they are getting that from.

Re: I went through a period where I loaned money to anyone that asked me

#133

Post by krisoft »

Scoundreller wrote: post #3

Meanwhile, I go through life wondering if I borrowed $20 from someone and forgot to pay them back for months and kinda hope they would just say something if I did.

> I go through life wondering if I borrowed $20 from someone and forgot to pay them back for months

Same. I sometimes ask my friends to tell me if they think I owe them anything. I try to keep things in mind, but I much prefer to hear if I forgot something than let the relationship detoriate.

Re: I went through a period where I loaned money to anyone that asked me

#134

Post by lotsofpulp »

theonething wrote: post #132
greyface- wrote: post #115

Earlier quoted context omitted.

Notably, that's a cumulative lifetime limit, not per gift or per year.

That doesn't sound right The per year limit for 2023 is 17,000. A 11M lifetime limit would mean 647 years of giving. I think the 11M figure is just totally way off. Not sure where they are getting that from.

https://www.irs.gov/businesses/small-businesses-self-employe...

Scroll down to ”Basic Exclusion Amount for Year of Death”

The gift giver pays the tax, but only after they give more than the lifetime amount.

Re: I went through a period where I loaned money to anyone that asked me

#135

Post by theonething »

lotsofpulp wrote: post #98
FpUser wrote: post #83

Earlier quoted context omitted.

Why the heck private gifts are taxable and it is tolerated?

In the US, gifts of up to $11M or maybe $12M are not taxable.

You're off by a bit. It's 17,000.

https://www.irs.gov/faqs/interest-dividends-other-types-of-i...

Re: I went through a period where I loaned money to anyone that asked me

#136

Post by traceroute66 »

richthegeek wrote: post #119
traceroute66 wrote: post #107

Earlier quoted context omitted.

> "Kuba pożyczył moj długopis" Surely a true Pole would say "kurwa Kuba pożyczył moj pierdolic długopis" ? ;-)

No true Pole?

What about Poles on poles ?

(Point taken, capital inserted on original post)

Re: I went through a period where I loaned money to anyone that asked me

#137

Post by giantg2 »

monero-xmr wrote: post #2

I loan money to people and never expect to be repaid. If someone asks for $2k I give them $5k. $400 give them $1k. Sometimes I get paid back. Usually not. It’s because people are aware I have money so various people ask. The goal isn’t to get paid back. Often these acquaintances cut off all contact. The goal is to never be asked for money again and slowly bled out by frequent sob stories. If they know they are alread…

I'm cheap and would gladly look like a jerk instead of lending $1k haha

Re: I went through a period where I loaned money to anyone that asked me

#138

Post by Xcelerate »

okasaki wrote: post #35
zahrc wrote: post #8

Earlier quoted context omitted.

That is so surreal to me. I had to loan money from friends for real emergencies and always made sure they get paid - often more than they gave. How can one not be guilt-ridden until their deathbed?

If you're struggling, and get $1000 from someone who made $100M on crypto, would you be in a hurry to pay them back, or even care at all?

Some people like to do things that are totally irrational from a utilitarian perspective (defined on whatever concept of “utility” you find important I suppose) but like to defy the nihilism of it all by adhering to this weird concept called “principles”. It’s more common than you might think.

Re: I went through a period where I loaned money to anyone that asked me

#139

Post by vmttmv »

alach11 wrote: post #93

I loaned a close college friend $7000 last year. Due to life circumstances and lack of family resources, he was stuck in a rural area with no developer jobs. He was having trouble landing a remote job and I ignorantly asked why he wasn’t applying to in-person jobs on the west coast. He told me that he certainly wouldn’t be able to afford to move and I told him “don’t let that stop you”. Fronting him moving expenses w…

TIL: Radio on Internet is valuable

Re: I went through a period where I loaned money to anyone that asked me

#140

Post by yowzadave »

mikrl wrote: post #9
monero-xmr wrote: post #2

I loan money to people and never expect to be repaid. If someone asks for $2k I give them $5k. $400 give them $1k. Sometimes I get paid back. Usually not. It’s because people are aware I have money so various people ask. The goal isn’t to get paid back. Often these acquaintances cut off all contact. The goal is to never be asked for money again and slowly bled out by frequent sob stories. If they know they are alread…

Would telling them to go fuck themselves not be cheaper and easier? Edit: I don’t have fuck you money, so I am actually ignorant of the dynamic you’re describing. I’d rather be known as an asshole with backbone than a rich sap though. One of those looks more like a mark than the other.

> I’d rather be known as an asshole with backbone than a rich sap

This may be your particular disposition, but it is by no means universal. Given these two choices, I would much rather be known as a rich sap.

I think it’s important to note that a person can knowingly run the risk of being ripped off, not because they’re too stupid to know better, but because of their philosophical attitude toward money and how they relate with their fellow humans.

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