top Ad Widget

Collapse

Announcement

Collapse
No announcement yet.

Receiving a $10,000 gift, no taxes?

Collapse
X
Collapse
 
  • Page of 1
  • Filter
  • Time
  • Show
Clear All
new posts
Previous template Next
    #1

    Receiving a $10,000 gift, no taxes?

    I am hoping to borrow $10,000 from my parents to get me over some of the rough times here.

    If they help me out - can they report it as a GIFT to the IRS and then no one pays taxes on it?

    I've heard this before but am not sure I;ve got it right.

    * sorry if I posted this in the wrong section
    * I plan on paying my folks back, with interest too.
    Much thanks for all the support and information I receive on this forum.
    Chapter 7 filed 11/21/2008
    341 Meeting 01/05/2009
    Discharged 03/06/2009
    Tags: None
    #2
    There is a certain amount parents can gift to a child but there are several factors involved; If they have a CPA that does their taxes, have them check with him/her or go to irs.gov and research.
    _________________________________________
    Filed 5 Year Chapter 13: April 2002
    Early Buy-Out: April 2006
    Discharge: August 2006
    "A credit card is a snake in your pocket"

    Comment

      #3
      Also you may wish to claim the parents as creditors, even though we all know it was a 'gift'. Gifts are looked on as 'income'. Please search this site on all the 'keywords' and read those posts. Being educated and thereby forewarned, will save you tons of grief later.

      My Best~~~
      "To go bravely forward is to invite a miracle."

      "Worry is the darkroom where negatives are formed."

      Comment

      Previous template Next

      bottom Ad Widget

      Collapse
      Working...
      X