Gift income ???

[quest42]

I am job-hunting and have made less than $5,000 on part-time, temporary, hourly jobs so far this year... needless to say, I am in the RED!

Every few months I get a bailout gift/loan, if needed -- 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... and income under about $8,500 per year is not taxed, so I may not need to file a tax return this year unless I get a job and a W2...

My ASSETS are 15x less than my LIABILITIES... and FAR below the $18,675 California System 2 homestead/wildcard limit!

My QUESTIONS:

Should I show that gift/loan as income on my Schedule I and summary??? How??? It is not a monthly, predictable income... it is sort of an informal loan... but without it my income is FAR below my expenses (red flag?) ... that's one of the major reasons why I am bankrupt! I forgot to include this... it amounts to maybe a hundred a month, averaged, since January.

Now I'm trying to decide if I need to file (another) amendment, or just explain this gift/loan situation -- if questions come up at my 341 meeting? Help??? I'm sure this is not the first time this situation has ever happened...

[bigun]

You won't be the first person that needed help from family while in the midst of a bk. I'd just wait until the 341 and if the trustee ask, tell him you're getting some help.
Nothing in the bk says you can't receive gifts from family in order to buy basic necessities.