/biz/ - Business & Finance

>>28130548
give your parents the 30k as a gift but only if they pay the tax on it.

>>28130718
>give 30k to my parents for free
I love them, but thats not gonna happen

>>28130548

Take a crypto loan out from aave if it crashes you get liquidated if not your crypto gains value and you can withdraw the extra to pay back the loan.

Loans are tax free.

>>28130718
This

>>28130548
just but it and follow most of your plan but dont bother selling it to you parents, as it sounds like it could take them forever to come up with the money. dont give it to them either. however, let them do whatever they wish with the land.

>>28131134
They want to build three houses on it and make some passive income by renting them out. Ive considered telling them to save a piece of that land for me and allow me to build my own house on it, but I won't have a lot of back yard space desu and the whole point of me investing in crypto is to be able to afford a house with a decent plot of land.

don't let my thread die yet frens

last bump

>>28130548
>It's another "I'm a fucking idiot and people know I have money" thread

Give them 30 AVAX and tell them to wait a few years

dude they fucking raised fed clothed and made you
lending them 30k is the least you can do

>>28133488
This. Stop telling people you have any money at all. Lie and say you're poor.
You're a bit fucked OP, your parents are retards and should take a loan if they really want the land...

>>28131692

How do they plan on financing the build for 3 fucking houses?

Why not rationally explain the situation to your parents? Maybe try to seek an extension on the deal so that when this cycle is over, or when you are satisfied with your gains enough to make the purchase, you can do it.

That said, I'm inclined to say just lend them the $30k (Try to take it outside of LINK), after all, you wouldn't own any LINK if it wasn't for them, when you think about it

>>28130548
Lol Link.....

>>28130548
But why take advantage of an honorable person?

>>28131692
how the fuck are they going to build 3 houses on it when they can't even come up with the 30k for the land?

are houses like 5k$ in your country? this whole things sounds dumb as fuck and you should just hold your cryptos

>>28130548
If they haven't been able to get 30k yet to buy then what chance do they have of it making it for you? Makes no sense.

Also you would lose money via inflation in the time it takes them if they ever were able to. Seems like a really bad idea.

Here's my advice. Say sorry but you don't want to do it and if they are rational loving parents they will understand. They shouldn't be asking their child for money.

>>28130548
Can't come up will 30k? Hahahaha like get fucking job niggers.

>>28134394
>>28133984
I dont know they are fucking retards, thats none of my concern.
>>28134012
What bothers me the most is this what this anon says >>28134112 I tell them everyday that what they are doing to her is fucked up, because now there's other member of the family that are trying to buy the property for even more money but she won't sell it to them. Not that they are pressuring her to hold it for them, but she knows they really want it and its been 2 fucking years

If I had the 30k in cash it wouldn't be so hard, but its invested so really I am loaning outb around 40k after taxes and I would miss out on potential unrealized gains. I just wanna make as minimal of a financial impact on myself as possible

>>28130983
This is probably the best idea so far

>>28130548
If you are american do a 1031 exchange, no taxes.

>>28130548

You are gonna miss the whole bull run because of your parent's irresponsibility not holding up the end of the deal they agreed to that is completely unrelated to you and situation. The only person that loses here is you. Its possible you could borrow against the land as collateral to further your position BUT how long would all that take between now and the money becoming more LINK?

>>28130983

AAVE doesn't give direct USD. He would get taxed on USDT to USD. Celsius does but he would need 120K USD worth of LINK to borrow 30K based on their requirements.

>>28130548
Kill your family dude

Buy the land for 30k in your name then sell 1/2 the land for 30k+, consider loaning out the land for 15k to your parents and potentialy get a loan based on the equity of the land which should be you have then go all in on LINK nigga.

>>28131692
just buy it and keep it. your parents sound retarded and will never put together the capital nor a good business plan. buy it and tell your parents to submit a detailed business plan to them in 60 days. otherwise, if they keep stringing along your other family members, then they risk alienating themselves and you from your family

Why not just buy the land for yourself. Let your parents call you a greedy fuck who cares they were never going to make the land amount to anything.

>>28135198

just consult a CPA or lawyer. you are a fool if you cash out and loan your parents 30k but if you feel like you have to then at least get a CPA to advise on how to pay the least amount of taxes / penalties

>not going to allin ALGO
ngmi

>>28136187
>Buy the land for 30k in your name then sell 1/2 the land for 30k+, consider loaning out the land for 15k to your parents and potentialy get a loan based on the equity of the land which should be you have then go all in on LINK nigga.

By the time he gets all of that settled LINK will have increased by 50%+ and he will have lost out probably.

>>28130548

Also none of this story makes any sense. Why don't your parents get a personal loan for 30K, buy the land, and then basically refinance using it as collateral for lower interest rates and a larger loan, which now they can use the difference to build their rentals or whatever. They only need like 6KUSD to get a personal loan that they would pay off nearly immediately anyway.

>>28130548
tell them to wait until the bull run is over brainlet.

>>28130718
Does the US consider transfer of a coin from one wallet to another a taxable event?

>>28135198
Why not just turn the agreement into her selling the property, and taking like 10 grand or something as a buyout to the deal. That way you all win.

buy the land yourself then sell it for $60k market value, then buy back the link ASAP

>>28135198
tell the family member to hold off for another year, sell the top of the bullrun and buy the land for market value (60k or whatever).

>>28130884
Don't love them that much then lmao

>>28137408
There's love and then there's here's my hopes and dreams, feel free to dash them

>>28130548
Deposit your LINK, BTC and ETH as collateral into something like Celsius, borrow against it at a 1:4 collateralization ratio and lend it to them at a slightly higher interest rate. That way you keep the crypto while they payoff the loan. Or, they can just get a loan from a fucking bank and leave your balance sheet clean like reasonable parents should.

Remove yourself from the situation

>>28137169

better yet, finance the land for $30k, which should be easy if it's worth double that, flip it for $60k. $10k to the IRS, $20k more link

>family member is a saint for not fucking over their relatives

I KNOW YOU'RE AN AMERICAN

ONLY AMERICANS THINK LIKE THIS

>>28130548
>cashing out crypto
terrible idea
>loaning money to family members
terrible idea
>loaning money to people who have proven to be deadbeats
terrible idea

I'd give it a score of terrible idea/10.

>>28137552
Like you dashed there dreams when they most likely spent the best part of 18 years wiping your ass and cooking you tendies instead of raping you or selling you into slavery? Buy them the property dude, it’s the honourable thing to do.

>>28136187
I like that idea alot but it might create drama i don't want to deal with if I sold half the land for myself.
>>28136379
>>28136408
Honestly the problem is my mom. My dad runs a business and he thinks they have the money because my mom takes care of the finances. My mom is a literal retard with money, something I've realized these past few years, and is constantly lieing to my dad about the money, blaming the realtor for not finishing up the deal. So really its 100% my mother putting pressure on me to purchase this so she don't have to deal with my dads anger when he finds out she somehow lost $30k. According to my mother, my dad thinks they have half of it, but I dont believe that. I think she's lieing to me about that and I think he believes they have all of it.
But I've considered telling them if I bought it they have 1 year to start building on it or im selling it.
>>28136529
Any advice on choosing a good CPA?

>>28137390
this is another good idea, go into a holding agreement where you pay them to keep it on hold for you (to cover their opportunity cost, taxes etc.) until you are in a position to buy it outright.

>>28137777
FUCKING QUADS OF TRUTH OOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOO

>>28137777
Nice digits either help them or remove yourself from the situation OP

>>28137777
nice quads so i hesitate to say this, but the parents are financial fuck ups and are fucking over other family members.

>>28137777
retarded take wasted quads

>>28137798
>But I've considered telling them if I bought it they have 1 year to start building on it or im selling it.
buy the land. tell them you spent your whole portfolio and dreams so they can fulfill theirs. when they finally get around to not doing fuck all in a year, tell them you are selling the land to recoup your investment and dreams. what country are you in?

Buy it and rent it to them, welcome to capitalism.

>>28137798
and tell your father to hire an actual fucking professional to do his fucking finances. your mom is slowly but surely sending him to the shitting streets

>>28136867
If the owners are different, yes. Transferring coin to a different person is equivalent to selling the coin for USD and immediately converting it back to that coin. It's treated like property/stocks and you pay capital gains tax on it and everything.

>>28130548
If the land has already doubled you’re literally betting that link has to more than double after the bullrun
Just buy the land.

>>28130548
>My parents want me to loan them the money.
This is why I don't tell anyone how much money I have in the bank. Not even family.

>>28138472
USA
>>28138697
I would love to, but then I'd have to expose my mom for being incompetent and im not ready to deal with that drama.
>>28137730
She's been holding on to that property for over 2 years. at this point my parents arr the ones fucking her over
>>28137608
seems like a high interest rate. Might be too risky
>>28137777
I respect the digits, but I never asked them to have unprotected sex at 18 years old.
>>28137709
the whole point is that its for my parents. its not my land to sell. otherwise I'm better off just leaving the whole thing alone, but I've considered trying to find a way to profit off this so everyone wins

>>28137777
>there dreams
kill your'eself nigger. parents don't deserve a cent back from the spawn they forced into the world.

>>28137777
fuck that shit. no one asked me if it was okay to drag me out of the nothingness void into this world. if they had true altruistic motivates for raising a child they could've adopted. but no, they wanted to pass on THEIR genes. its an inherently selfish action. if you adopt a dog you are a piece of shit for not taking care of it, the dog doesn't owe you anything. same with having children, they brought a shit to this world they have the obligation to give it the best life they can. we call those who don't niggers

>>28134394
This.

If they can't get ahold of 30k for the land, there is no way they will be able to build 3 livable houses on the land even if they're small houses.

This whole scenario seems retarded.

>>28138822
that wouldnt help anon. if you tell your family you "daytrade" your family is going to assume you have more money than 0. if you have more money than 0 you can still loan money out. so your family will still ask for money

no one asks you because youre a curmudgeonly fuck

>>28137730
fucking this kek, I've never been to America and I'm sure there are plenty of exceptions but American culture seems to be wanting others (even close relatives) to suffer through life - the puritanical streak is still so strong in their culture. I base this off of all the
>my mother is kicking me out of my house because I'm 18 - what do I do?
>why should I have to pay for a national health plan? I will happily pay a middle-man a premium as long as only I can benefit
>I gave my (insert blood relative) a loan and they're not making their repayments on time, what should I do?
Makes me sad, the food looks cool though, I like Diners Drive-ins and Dives.

You also deserve to see their plan for building these 3 houses as the person potentially loaning them 30k. You should ask to see what they have planned and partially base your willingness to loan on the viability of the plan.

I would still be very apprehensive to make the loan since it means selling crypto. I would find a way to do it without selling, there is still a lot of upside coming, probably more in the next 1-2 years than any rental scheme.

>>28139143
have them apply for a multitude of SBA loans and do some creative accounting to use 30K to pay the fucking land and then never involve yourself in your parents' finances. and then apologize in person to the other members of your family without letting your parents know

>>28138714
Dammit I hate this gay ass country and their gay ass tax laws

>>28139809
>if you tell your family you "daytrade"
I don't tell anyone that, either. I keep my finances very close to the chest.

>>28139948
My dad is a contractor, I've helped build the exact cookie cutter houses he wants to build on that property. He said he can build them for 70k ea, but that was a couple years ago. Everything would be pretty straightforward except the money issue but like I said, how they get the money to build the houses is not of my concern. Ive been roommates with one of my friends the past few years, I dont have much credit history so I'm not sure if I can even get a 30k load from the bank. I dont have any equity either. I have my crypto portfolio, 20k in boomer rocks, another 8k in cash. Thats my networth

>>28130548
fuck your family desu

>>28130548
all memes aside for one second, link is a shitcoin. selling some of your stack at the top to get the land for yourself like you say doesn't seem like a bad idea, IF you have a backup plan beyond "buy more of my favorite cayman islands cheese token at ATH"
but you do you, op. if you hold that much link you probably won't hear this anyway

>>28130548
Buy the land yourself, get them some sort of legal authorization to manage/use it in whatever way, but so that it becomes invalid after a reasonable time (talk about how long this should be and try to decide together) if they can't make their plan work, so you can still flip it. They invested in you and they need your help now. It's not even a third of your money and you'll make it back, gains not gained are not gains lost, who knows, might even be potential dumps avoided. Consider striking a deal where you're getting a part of their profits as rent for the land in case they succeed or having them buy it back this way with interest/at market price. And some day you inherit it anyway, so it's a nice way of getting some passive income, which is comfy (in case your financial situation suddenly crashes for example), and a (albeit very long) x2.

>>28141235
I know it's a lot of money, but with the amount you have currently, it won't matter to you in ten years or so either way. If you actually loan them the money, ake it clear that in case it goes to shit you're not giving them any money anymore until they pay it all back or unless they become homeless or sth. And most importantly, talk to them more about it instead of some board full of retards. You think your dad thinks they have the full 30k? Tell your mom you're going to talk to him about the "15k loan" and see what happens. Try to figure out the actual situation. Have a conversation about the crypto market and what taking this out means to you. Explain your doubts about their capability to carry out their plan and handling finances. Get detailed information about every detail on what they wanna build, who they wanna rent it to and where they'll try to find them, the absolute whole detailed plan, because they need to have it and you need to hear it since you're basically investing in it.

>>28130548
buy the piece of land for yourself and forget about the bank and the parents. You do not need to get in debt, just sell some links and buy land. Try to make some profit out of it. Think of it at least as a risk free asset

>>28141325
Talk about the concept/implications/morals/expectations of borrowing and lending in the family. Mainly, sit down and talk for god's sake, let them know what's bothering you about it, and keep sitting until they have listened to your story, but you have also listened to their story, go through all possible details/scenarios/outcomes with them, and only make your final decision after that, no earlier, if you get the feeling you've decided, just try to force it out of your head.

Imagine being an adult and begging your kid for 30K lmao.

>>28130548
Buy the land yourself, dont loan them anything

>>28141411
Oh yeah, and it's a nice addition to your portfolio. Crypto, rocks and land. Land is a good long-term hedge.

Mixing business with family or friends is always a bad idea. Someone is going to get burned every time.

Sounds a little fucked up. If your parents can't come up with 30k for land with a much higher valuation, you will probably get fucked by helping them. Can't pick your family. My boomer dad sold a thousand acres that were in my family for a hundred years. I had an agent of an S-corp purchase it and sent him a photo of me on it with a young walker jumping the fence line he always gave us shit about. Boomers are selfish and not to be trusted.

And if you let them know they're never getting money from you again unless they pay it back, even if somehow it all goes to shit, at least you'll have bought the freedom to never be bothered with a decision like this again. I know it's just a consolation prize, but it is worth something at least.

>>28141849
this

>>28140037
Jews man, what did you expect

>>28130548
buy the land in your name,
who cares if you don't make 10k on crypto, you can easily make 60-70k or more per house you build on it which will ony take a year.

is10k doing nothing worth 120k + some actual work?

your parents won't like it, but they don't have the capital, and will never pay you back, they can't even finance 30k, how the fuck are they going to build?

>>28141849
I dont disagree
>>28141235
>>28141325
>>28141411
>>28141654
Thanks anon. Thats probably best idea. Im gonna talk to both of them about it tonight and its gonna cause a lot of drama when my mom has to confess about her incompetence. If the threads still alive ill update you guys.
>>28142323
I dont understand any of that lingo lol, but yeah fuck boomers. Sorry you lost your inheritance
>>28142400
I've already been burned $2,000 from my mom and she thinks its funny. 5 years before that she had loaned me $2k to go to a trade school when i was 19 so I look at as me paying her back, even though the $2k i sent her was for her to buy me a motorcycle on craigslist while i was out of town but the deal fell through and she never gave the money back to me

>>28131692
Your parents are retarded anon, it would be worth you buying it but don't then give it away let alone hope that you would be given a fragment of what you once owned.