Money from friend
A simple question having difficulty getting anyone to answer without charging for it. Just one simple question. If someone pays off my credit card balance ( $6,000) and transfers $3,000 to my personal bank account, is there obligations for this? Thank you very much for any help
Terry Says
No tax obligation. This could be considered a gift — and anyone can gift up to $15,000 to anyone every year with no tax obligation. Your only “obligation” would be to repay it if it is a loan, not a gift. You should carefully document the terms of this plan, and both should sign in agreement.