I gave my brother 25k last year and I didn't realize I had to report that I was giving him money. He is the sole bread winner in his house hold and he has 3 kids and with mortgage and stuff I helped him out, he was without a job for 5 months and was bleeding out...... I didn't think about reporting it to the IRS, didnt realize I had to to be honest :( I now found out that if its above 10K then I have to. Am I in trouble now? I gave him a cashier check via my bank.
EDIT: Gave it to him in 2017 so should have reported it in my 2018 taxes which I didn't realized this year cause he plans on giving it back to me so I googled if I'd have to report "income" ... turns out I don't (cause he can gift me a million bucks and it will not be tax) , so damn confused right now cause I have to tell the IRS apparently when I help my brother out but when I "get" money I don't ... Sorry for the rant but I am just stressed right now :(
Submitted February 23, 2019 at 10:48AM by _Its_not_the_end_ https://ift.tt/2GZdKZ5
