Receiving a monetary gift and need advice.


J

joshmabus

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?
 
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J

joshmabus

ALSO, this is implied, but the GIVER is not related, nor will be
involved in the business.
 
P

Paul Thomas

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.
 
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