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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16547
Experience:  Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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Do I have to pay back a loan that was later considered as a

Customer Question

do I have to pay back a loan that was later considered as a gift
Submitted: 9 months ago.
Category: Tax
Expert:  Megan C replied 9 months ago.

Thank you for your question -

If the person decided to reclassify the loan as a gift, then you do not have to pay it back. If your loan is in writing, also get the notice that it's now a gift in writing too.

Please let me know if you need anything additional. If not, please rate positive.

Customer: replied 9 months ago.
The loan was was not in writing but the check state loan in the comments
Expert:  Megan C replied 9 months ago.

If they now say it's a gift, just get a letter stating that it is now a gift from the person who gave it to you -- that way it's not he-said-she-said.

Thanks, ***** ***** rate positive.

Customer: replied 9 months ago.
he is now asking for the repayment of the loan
Expert:  Megan C replied 9 months ago.

You'll have to prove that it was a gift - unfortunately you can't go by an oral agreement if you cannot prove it.

Customer: replied 9 months ago.
need an answer
Expert:  Megan C replied 9 months ago.

I gave you an answer -- you need to be able to prove that they later said it was a gift. IF you cannot prove that, then they can take steps if they want to to get repayment.