Friend | Owe Back Taxes?

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I owe the IRS $41k in back taxes and a friend has offered to loan me the money. What r tax consequences 4 us?

14 Feb 2010 @ 2:29 AM

If he gives me the $41k, will it count FOR ME as taxable income so I can’t use the full amount? I’m unemployed so I’m not making any money this year anyway. Plus what are the tax consequences for HIM–if any–for giving me the money? I’ve heard of “gifting”. What is it, and does it apply to my situation?

Posted By: admin
Last Edit: 14 Feb 2010 @ 02:29 AM

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