A Halloween Story about Gift Tax
Gifts are not taxable income. However, they can come back to haunt you! There are three ways gifts can cause issues. The first is if you are applying for a mortgage and the bank is trying to determine where you’re getting the money for your down-payment. They want to make sure you’re not taking out a side loan (and are hence a worse risk to them because of your greater debt burden.) If you are […]
