needhelp12313
Junior Member
What is the name of your state? NJ
I am currently a freshman in college, and have a problem. In the fall of last year (2007), my mom gave me about $10,000 to invest (she wants to teach me). Would this incur a gift tax?
I already deposited them into several mutual funds. My mom doesn't work, so she has no income.
Also, would I have to report this amount ($10,000) as income on the tax forms? My main concern is the fact that this may affect my financial aid eligibility for college next year.
And would I have to include the $10,000 as an asset on my financial aid forms?
Thanks
I am currently a freshman in college, and have a problem. In the fall of last year (2007), my mom gave me about $10,000 to invest (she wants to teach me). Would this incur a gift tax?
I already deposited them into several mutual funds. My mom doesn't work, so she has no income.
Also, would I have to report this amount ($10,000) as income on the tax forms? My main concern is the fact that this may affect my financial aid eligibility for college next year.
And would I have to include the $10,000 as an asset on my financial aid forms?
Thanks