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Subject Author Date
Receiving a monetary gift and need advice. joshmabus 07-21-2007
Posted by joshmabus on July 21, 2007, 12:37 am
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 A friend of mine came into a large sum of money from a legal suit and
is planning on giving me $25,000 as a gift.

I'll be using the money (along with mine) to start a web-design
business. The money will come in a check.

Right now, the money is not being considered an investment. It's
purely a gift. Regardless, it does not need to be repaid.

I honestly don't know if taxes have been paid on the money (if that
even matters).

Can someone please help guide me in the right direction in depositing
this money in the proper way to not be eaten alive on taxes?


Posted by joshmabus on July 21, 2007, 12:42 am
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 ALSO, this is implied, but the GIVER is not related, nor will be
involved in the business.


Posted by Paul Thomas on July 21, 2007, 7:44 am
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>A friend of mine came into a large sum of money from a legal suit and
> is planning on giving me $25,000 as a gift.
>
> I'll be using the money (along with mine) to start a web-design
> business. The money will come in a check.
>
> Right now, the money is not being considered an investment. It's
> purely a gift. Regardless, it does not need to be repaid.
>
> I honestly don't know if taxes have been paid on the money (if that
> even matters).
>
> Can someone please help guide me in the right direction in depositing
> this money in the proper way to not be eaten alive on taxes?





Gifts received are not taxable income.

Enjoy.






--
Paul A. Thomas, CPA
Athens, Georgia



Posted by RustyDion on July 21, 2007, 11:34 am
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>
> >A friend of mine came into a large sum of money from a legal suit and
> > is planning on giving me $25,000 as a gift.
>
> > I'll be using the money (along with mine) to start a web-design
> > business. The money will come in a check.
>
> > Right now, the money is not being considered an investment. It's
> > purely a gift. Regardless, it does not need to be repaid.
>
> > I honestly don't know if taxes have been paid on the money (if that
> > even matters).
>
> > Can someone please help guide me in the right direction in depositing
> > this money in the proper way to not be eaten alive on taxes?
>


Just send me the money and I will take care of everything.


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