Gift income?
I am job-hunting and I've made less than $5,000 on part-time, temporary, hourly jobs this year... needless to say, I am in the RED!
Every few months, I get a bailout gift/loan from a relative so I can make my car payment and buy food and gas and pay my car insurance... my unemployment ran out in January... I'd be homeless if I was not living with a kind old relative.
I think I had read that gifts up to $10,000 per year are tax exempt... Income under about $8,000 per year is not taxed.
My ASSETS are 15x less than my LIABILITIES... and below the wildcard limits!
Should I show that gift/loan as income on my Schedules??? How? It is not a monthly, predictable income... but without it my income is FAR below my expenses... that's why I am bankrupt!
Now I'm trying to decide if I need to file (another) amendment, or just explain the situation -- if questions come up at my 341 meeting? Help???
Every few months, I get a bailout gift/loan from a relative so I can make my car payment and buy food and gas and pay my car insurance... my unemployment ran out in January... I'd be homeless if I was not living with a kind old relative.
I think I had read that gifts up to $10,000 per year are tax exempt... Income under about $8,000 per year is not taxed.
My ASSETS are 15x less than my LIABILITIES... and below the wildcard limits!
Should I show that gift/loan as income on my Schedules??? How? It is not a monthly, predictable income... but without it my income is FAR below my expenses... that's why I am bankrupt!
Now I'm trying to decide if I need to file (another) amendment, or just explain the situation -- if questions come up at my 341 meeting? Help???
