What is the name of your state? California
I am new and this looks like an incredible site.
Sorry if this is a repeated question..but i want to make sure.
A friend graciously gave me $10,000 in cash to help
me pay off my Visa. I went to my bank and payed off
the card. They had me fill out a form because of the size
of payment.
Will i need to report this in my tax form?
If so, is it added income or counts as 0 since it was a gift.
I believe i saw on another post anything over $11,000 has to be
reported and is Not taxable since it is a gift. Correct?
Thank you very much.
I am new and this looks like an incredible site.
Sorry if this is a repeated question..but i want to make sure.
A friend graciously gave me $10,000 in cash to help
me pay off my Visa. I went to my bank and payed off
the card. They had me fill out a form because of the size
of payment.
Will i need to report this in my tax form?
If so, is it added income or counts as 0 since it was a gift.
I believe i saw on another post anything over $11,000 has to be
reported and is Not taxable since it is a gift. Correct?
Thank you very much.