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Question

hi my dad just gave me 25000.00 He put on the cashiers check that it was a repayment of a loan, do I have to pay taxes on that money?

Submitted: 58 days and 4 hours ago.
Category: Tax
Value: $15
Status: CLOSED
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Posted by Mark D 58 days and 4 hours ago.

Info Request

XXXXXXXX,

Was this a gift or a repayment of loan?

Regards,

XXXX X

58 days and 4 hours ago.

Reply

It was a loan repayment.

Accepted Answer

XXXXXXXX,

A loan repayment would not be subject to tax or reporting. Please let me know if you have further questions.

Regards,

XXXX X

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Expert: Mark D
Pos. Feedback: 99.6 %
Accepts: 
Answered: 9/26/2009

Tax Preparer

MBA, CTEC Registered, CPA Firm Experience with Business and Individual Tax Returns and Issues

58 days and 4 hours ago.

Reply

he wants to give me another 25000.oo in a couple of weeks but as a gift do i have to pay taxes on that?

Accepted Answer

XXXXXXXX,

Loan repayments (if that's what it is) are never considered income. Please let me know if you have further questions.

Regards,

XXXX X

Picture
Expert: Mark D
Pos. Feedback: 99.6 %
Accepts: 
Answered: 9/26/2009

Tax Preparer

MBA, CTEC Registered, CPA Firm Experience with Business and Individual Tax Returns and Issues

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