Scenario: Family member is selling a large portion of land he acquired from a deceased family member. He has offered to give my wife and I 100,000 to pay off all of our outstanding balances (cars, student loans, credit cards).
My question is how can I use this money to pay off these things without having to pay taxes on the money? Is there a one time gift clause or something of that nature?
We would like to pay off everything at once and just be done with it, but we're thinking that might raise some eyebrows. Does anyone have any advice on how to go about this without having to pay taxes on the money next year?
Submitted February 07, 2017 at 10:07AM by quezi_moto http://ift.tt/2jYkabO
