Ask the taxgirl: Income Tax Consequences of a Gift | taxgirl
WWW.TAXGIRL.COM - Taxpayer asks:Hi Tax Girl QuestionIf someone pays my Credit line directly. i.e. they write a check directly to my bank to lower my credit line balance.with their after tax dollars. Is this taxable income to me. Taxgirl says:It depends on who that “someone” is…In most cases, this would be considered a gift to you and since it’s not an appreciated asset (it’s just...
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