Comments on: If my cousin pays my credit card bill directly to help me reduce debt, do I have to pay income tax on this? http://www.debtdodger.com/blog/888/if-my-cousin-pays-my-credit-card-bill-directly-to-help-me-reduce-debt-do-i-have-to-pay-income-tax-on-this/ Exploring Every Possible Means to Avoid & Eliminate Debt Mon, 19 Jul 2010 19:37:37 +0000 hourly 1 http://wordpress.org/?v=3.0.1 By: ? http://www.debtdodger.com/blog/888/if-my-cousin-pays-my-credit-card-bill-directly-to-help-me-reduce-debt-do-i-have-to-pay-income-tax-on-this/comment-page-1/#comment-3443 ? Wed, 04 Nov 2009 23:45:59 +0000 http://www.debtdodger.com/blog/888/if-my-cousin-pays-my-credit-card-bill-directly-to-help-me-reduce-debt-do-i-have-to-pay-income-tax-on-this/#comment-3443 You don't say what country, but in U.S. there are no reporting requirements for a gift from/to any person unless it is over $12,000/year. If more than that, it has to be reported, but no tax is due unless it exceeds a $1 million lifetime exclusion. If there is any tax due, it is due from the gift giver. For other countries, check with whoever collects income tax.<br><b>References : </b><br> You don’t say what country, but in U.S. there are no reporting requirements for a gift from/to any person unless it is over $12,000/year. If more than that, it has to be reported, but no tax is due unless it exceeds a $1 million lifetime exclusion. If there is any tax due, it is due from the gift giver.

For other countries, check with whoever collects income tax.
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]]> By: Reaper http://www.debtdodger.com/blog/888/if-my-cousin-pays-my-credit-card-bill-directly-to-help-me-reduce-debt-do-i-have-to-pay-income-tax-on-this/comment-page-1/#comment-3442 Reaper Wed, 04 Nov 2009 23:34:59 +0000 http://www.debtdodger.com/blog/888/if-my-cousin-pays-my-credit-card-bill-directly-to-help-me-reduce-debt-do-i-have-to-pay-income-tax-on-this/#comment-3442 What? Of course not! Even if he's giving you the money directly as an income! How would they find out? They won't!<br><b>References : </b><br> What? Of course not!
Even if he’s giving you the money directly as an income!
How would they find out? They won’t!
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]]> By: Grrrr... http://www.debtdodger.com/blog/888/if-my-cousin-pays-my-credit-card-bill-directly-to-help-me-reduce-debt-do-i-have-to-pay-income-tax-on-this/comment-page-1/#comment-3441 Grrrr... Wed, 04 Nov 2009 23:02:59 +0000 http://www.debtdodger.com/blog/888/if-my-cousin-pays-my-credit-card-bill-directly-to-help-me-reduce-debt-do-i-have-to-pay-income-tax-on-this/#comment-3441 why would you pay income tax on a paid bill? he's not paying you, so it's not income.<br><b>References : </b><br> why would you pay income tax on a paid bill? he’s not paying you, so it’s not income.
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