I'm going to give my father 10k in the next couple of weeks to pay off credit debt, and then he's going to pay me back 400 a month to a tune of ~10-11k(He wants to pay a little extra, which I'm not opposed to as I would have that money invested in a 1.8% savings account, so I'm down for just a 1.8% return but he wants to pay more)
Should I gift this? Do I have to do anything for tax purposes? Is it not a gift because he's repaying? Is there anyway to utalise this to our advantage?
(Note he's on Disability due to being a paraplegic, and the money will be immediately used for the credit cards)
Edit: For those thinking I'm at risk with my father. This man has had access to my money since I was in middle school. He's never taken a dime from me. He has a problem spending too much on amazon, and we've talked and addressed it. He very well may go back into debt, as fixing a problem isn't easy, but I am extrelemy confidant I will recieve my money monthly and timely every single month. This man raised me as a single father, and would rather die before directly harming me or my financials. I have absolute faith in him paying it back, and my only true fear is if he passes before he pays me back I'm out a father and thousands of dollars.
Submitted October 24, 2018 at 08:25AM by Nickmi https://ift.tt/2yuXUjB
