Thankfully, my father would like to give me around $30k to put towards paying down my student loans. My total amount of student loans as of today is $96k. Obviously I'd like to go about doing this where we have to pay the least amount of taxes as possible and if possible, none at all.
In April of this year, he had wrote a check to Sallie Mae for between $14k-$15k to pay off one of my loans. First question, does him directly sending a check to Sallie Mae count towards the yearly gift limit?
In May of this year, he added me to his bank account. Second question, are there any problems with me funding a $30k payment through this bank account? Since both of our names are on the account is it still considered a gift to me?
If there are any other ways that anyone knows of I'd appreciate the help. I'm not trying to do anything illegal here. I fully intend on going through this process within the tax law however, I just want to do it in the most beneficial way possible.
Submitted July 26, 2020 at 06:14PM by SCALUNA https://ift.tt/3hI664b
