Posts Tagged Gift Tax
If you borrow $19,000 from someone to pay off some credit debt, can you be liable for taxes on this?
Posted by admin in Credit Cards on January 5th, 2010
Anthony S asked:
My mom is giving my sister $19,000 to pay off her credit debt. She will repay her for the next few years on a monthly basis. Can she be liable for some sort of income or gift tax for this?
My mom is giving my sister $19,000 to pay off her credit debt. She will repay her for the next few years on a monthly basis. Can she be liable for some sort of income or gift tax for this?