So my father is trying to get out of paying some taxes. He has this as an idea....
He wants to give me $26,000 as a gift using 2 checks for $13,000 each. One is dated from 2011, and one from 2012, this is because apparently you are allowed to gift 13,000 per year tax free.
Then...he want's me to loan the money back to him in full, which he will then invest into a growth fund with me and him as co-owners.
He says he has cleared all of this with a CPA and it's all legal, but I still have a bad feeling about it.
This entire thing has me very sceptical, especially because I like to keep my finances as simple as possible. If anyone has any issues that they see with this, or any knowledge or insight, please let me know.
He wants to give me $26,000 as a gift using 2 checks for $13,000 each. One is dated from 2011, and one from 2012, this is because apparently you are allowed to gift 13,000 per year tax free.
Then...he want's me to loan the money back to him in full, which he will then invest into a growth fund with me and him as co-owners.
He says he has cleared all of this with a CPA and it's all legal, but I still have a bad feeling about it.
This entire thing has me very sceptical, especially because I like to keep my finances as simple as possible. If anyone has any issues that they see with this, or any knowledge or insight, please let me know.