Bank Statements

[Ann]

All, I have approximately 1500.00 due back from when I "loaned" my child money to purchase a computer for college. We were waiting until he had a credit due on his account for his refund to be issued. We (in his name) just received it and put it into his savings. Now, since 1500.00 of that money is really mine how can we get that money back without raising any red flags when we go to file? I do transfer funds to his account for food but am worried about such a large amount being transferred back into my account. Would there be any objections to this should he transfer it back over? Also, how many back bank statements will they need or I should say will they ask for? Thanks!

[thereshope]

You would be asked if you loaned anything over $600 to a relative, and it would be a preferential payment. My attorney only asked for my most recent bank statement, but he also requested my check register for the past 3 months to make sure there weren't any issues.

[whipster1]

Sounds like a prepaid expense to me. Of course you are still responsible for the kiddo while in college...why don't you just leave that money there for his use?

[Ann]

That money was my own money and I knew I was approved for a parent loan and could just basically "borrow" from myself. There was over 5,000 to be used for college expenses other than tuition (already covered) but we needed to wait until his account cleared and showed a zero balance before a refund was issued. There is plenty of money left over for his use. I think I will wait and see what my attorney says before we transfer those funds.