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The Moneyist is like a Dear Abby for peeps with money problems (if the posts are true.) Figured I'd start a thread where people could post some of this stuff. Strickly entertainment. Some of this is hysterical.
When we sold our late mother’s house last year for $600,000; the equity was supposed to be divided equally by us four siblings (around $146,000 each). In 1996, I borrowed $20,000 from my mother interest-free to help buy my condo. I promised to pay her back in two years.
I managed to pay her back $5,000 in six months. But I made terrible decisions in my finances and I lost my high-paying job. My budget couldn’t afford to pay her back. I was terrified to tell her. She was extremely angry at that time, so she deducted $20,000 from my inheritance.
Long story short: I defaulted on mom’s loan. When mom made out her will, she produced my letter from 1996, which stated that I did not repay the loan. This is the only evidence of the transaction. I want to have the CPA redo the taxes to show that I paid part of the loan off.
When I called my sister, mom’s power of attorney, she was so upset. She said “F— you, never talk to me again!” I was shocked! She has never talked to me this way in 75 years. I understand her anger because this is a mess and she’s a hero doing such a wonderful job as a POA.
More:
www.marketwatch.com
I borrowed $20,000 from my mother in 1996, but only repaid $5,000. She deducted the entire loan from my inheritance. I need that money. What now?
Dear Quentin,
When we sold our late mother’s house last year for $600,000; the equity was supposed to be divided equally by us four siblings (around $146,000 each). In 1996, I borrowed $20,000 from my mother interest-free to help buy my condo. I promised to pay her back in two years.
I managed to pay her back $5,000 in six months. But I made terrible decisions in my finances and I lost my high-paying job. My budget couldn’t afford to pay her back. I was terrified to tell her. She was extremely angry at that time, so she deducted $20,000 from my inheritance.
Long story short: I defaulted on mom’s loan. When mom made out her will, she produced my letter from 1996, which stated that I did not repay the loan. This is the only evidence of the transaction. I want to have the CPA redo the taxes to show that I paid part of the loan off.
When I called my sister, mom’s power of attorney, she was so upset. She said “F— you, never talk to me again!” I was shocked! She has never talked to me this way in 75 years. I understand her anger because this is a mess and she’s a hero doing such a wonderful job as a POA.
More:
I borrowed $20,000 from my mother in 1996, but only repaid $5,000. She deducted the entire loan from my inheritance. I need that money. What now?
“I live in a semi-expensive assisted living facility, and I’m not in good health.”
www.marketwatch.com
