What lies have you told related to your Personal Finances?

[DaveInPgh]

Please note: The intention of this thread is not to provide suggestions on how to break the rules.

Yesterday I was thinking about a favor a sibling did for my wife and I years ago. The favor required all parties involved to make a false declaration on financial documentation. As I thought it about last night, I wondered what others have may have done? And would you do it again?

My personal scenario involves a GIFT for a real estate transaction. The amount we would have needed to take the property to closing would have wiped us out, and that of course made the bank a bit nervous. The mortgage broker wasn't sure if it would make it through Underwriting. He told us about the Gift option and asked if that were an option for us.

A true gift was most definitely not in the cards for us, but I reached out to my sibling for assistance. A check was written, a declaration was made stating the money was a gift and no repayment was to be made, and that allowed us to close on the property. We gave my sibling cash each month until the GIFT was repaid.

I would absolutely do it again.

[97guns]

when my brother went through his divorce i sheltered all his holdings and investments by putting everything in my name post divorce so he could rebuild his net worth after getting wiped out, stocks and RE were all in my name

[Outdoorsygal]

Mine is related to real estate too. I am the Trustee of a will. My FIL passed away so the funds from his Uncle's passing now go to my husband. If I deposit the money, it will be used against us regarding ACA subsidies. I cared for him in Hospice for 45 days but am not charging that to the estate since it was an honor to do so.

With that, I will be writing a check directly from that bank account as Trustee for a down payment on a home, this will avoid it going thru our Bank Account. Otherwise I believe we would owe hundreds of dollars back to the IRS for the subsidies paid already.

Who knows if it will work but it might avoid the problems Big Brother foisted upon us with this individual mandated medical insurance. Our Healthcare Sharing Ministry wasn't approved so they folded up when the ACA took effect. If we do not find a home by Jan 1st, then I will plan to deposit the $$ my husband inherited into our bank account since there is no penalty of owing back $$ It will cause us to pay more for future medical insurance which is perfectly fine. I will plan for that. But at least ,we wont owe hundreds of dollars for back health insurance costs foisted upon us, services he never used or wanted.

.

[sblatner]

Please note: The intention of this thread is not to provide suggestions on how to break the rules.

Yesterday I was thinking about a favor a sibling did for my wife and I years ago. The favor required all parties involved to make a false declaration on financial documentation. As I thought it about last night, I wondered what others have may have done? And would you do it again?

My personal scenario involves a GIFT for a real estate transaction. The amount we would have needed to take the property to closing would have wiped us out, and that of course made the bank a bit nervous. The mortgage broker wasn't sure if it would make it through Underwriting. He told us about the Gift option and asked if that were an option for us.

A true gift was most definitely not in the cards for us, but I reached out to my sibling for assistance. A check was written, a declaration was made stating the money was a gift and no repayment was to be made, and that allowed us to close on the property. We gave my sibling cash each month until the GIFT was repaid.

I would absolutely do it again.

We did this exact same thing when we bought our house. Paying it off was a priority and we did it as soon as we could. I would also do it again.

[Like2Plan]

Mine is related to real estate too. I am the Trustee of a will. My FIL passed away so the funds from his Uncle's passing now go to my husband. If I deposit the money, it will be used against us regarding ACA subsidies. I cared for him in Hospice for 45 days but am not charging that to the estate since it was an honor to do so.

With that, I will be writing a check directly from that bank account as Trustee for a down payment on a home, this will avoid it going thru our Bank Account. Otherwise I believe we would owe hundreds of dollars back to the IRS for the subsidies paid already.

Who knows if it will work but it might avoid the problems Big Brother foisted upon us with this individual mandated medical insurance. Our Healthcare Sharing Ministry wasn't approved so they folded up when the ACA took effect. If we do not find a home by Jan 1st, then I will plan to deposit the $$ my husband inherited into our bank account since there is no penalty of owing back $$ It will cause us to pay more for future medical insurance which is perfectly fine. I will plan for that. But at least ,we wont owe hundreds of dollars for back health insurance costs foisted upon us, services he never used or wanted.

.

I don't understand all the ins and outs of ACA, but it was my understanding that they only counted income--like something that you would have to report on your income tax. (Unless the inheritance is something like an inherited traditional IRA? )

http://www.npr.org/sections/health-shots/2015/12/08/458807324/mom-left-me-money-do-i-owe-uncle-sam-for-my-health-subsidy

[DaveInPgh]

Thanks for the replies. I am glad I am not the only one with something to share.

[disneysteve]

Thanks for the replies. I am glad I am not the only one with something to share.

The question isn't who has cheated but rather who is willing to admit it.

[msomnipotent]

I lie about our income all the time. It seems that one of my sisters and her friends are very interested in my financial life and think we are rich. Yeah, that's why I buy my clothes at Meijer. Some of them have straight up asked how much my husband makes, or they guess until I come up with an answer, so I always tell them 25 to 50% less than what he makes, depending on my mood. I'm not sure why they are fascinated with us. They all make more than we do.

We also fudged a bit when applying for refinancing. We owed my parents some money from a loan. We said we were helping them out financially because my mother just retired prematurely, which was a half truth. My parents would not have signed anything stating that we didn't have to pay them back because they are that paranoid. I don't even know why we had to explain anything to them. The payments were a lot lower after the refinance and my husband was making more than enough to qualify for the loan, so it is none of their business what I do with a couple hundred dollars a month.

[GoodSteward]

I went to buy a car once and we were approved. When we got into the Lienance I mean Finance managers office in passing she mentioned "Oh I had to up your income to get you approved just in case they call you." I could have just walked away, but I signed figuring they lied, not me. After the fact I realized I was just as guilty. That's the car that went with the bankruptcy many years ago. lol

I have never been happy about that one. I will work the system anyway I can, but I prefer to avoid things that end up making me lie or be dishonest. It can be hard to know for sure sometimes, because they keep making up new laws you don't even know about.

[97guns]

The question isn't who has cheated but rather who is willing to admit it.

i got a few more that i wont disclose

[DaveInPgh]

i got a few more that i wont disclose

Share away. I put it in very tiny small print that by clicking on this thread members agree not to blackmail anyone.

[Blessed]

Everyone thinks our two rentals and personal home are mortgaged. I don't correct them. I agree with them when they say mortgages suck and yep hate paying. The last one was a cash purchase and I told a very pushy family member we financed against our home. Total lie.

[Outdoorsygal]

I don't understand all the ins and outs of ACA, but it was my understanding that they only counted income--like something that you would have to report on your income tax. (Unless the inheritance is something like an inherited traditional IRA? )
http://www.npr.org/sections/health-s...health-subsidy

Thank you