Hi,
here is the problem:
I asked someone i know for a large loan - and he agreed. then, before the money was transfered, i changed my mind and asked for it as a gift - which he agreed to instead of a load. then i actually decided that i didn't want it as a gift but as a loan like we originally agreed in the first place. i think it all happed before the money was transferred....pretty sure, but don't know if i can say 100%, but pretty sure....
now here is the prob:
it was a large enough amount of $ such that i would have to be taxed on if it were a gift?
so what is it's status? a loan of gift. the giver would *probably* agree either way ex post facto... i don't think it would be a prob for him. but i need to know if it is a loan or gift...
thanks!!!!!!
here is the problem:
I asked someone i know for a large loan - and he agreed. then, before the money was transfered, i changed my mind and asked for it as a gift - which he agreed to instead of a load. then i actually decided that i didn't want it as a gift but as a loan like we originally agreed in the first place. i think it all happed before the money was transferred....pretty sure, but don't know if i can say 100%, but pretty sure....
now here is the prob:
it was a large enough amount of $ such that i would have to be taxed on if it were a gift?
so what is it's status? a loan of gift. the giver would *probably* agree either way ex post facto... i don't think it would be a prob for him. but i need to know if it is a loan or gift...
thanks!!!!!!
