Gift = income ???
I am job-hunting and have made less than $5,000 on part-time, temporary, hourly jobs so far this year... needless to say, I am in the RED!
Every few months I get a bailout gift/loan, if needed -- from a relative -- so I can make my car payment and buy food and gas and pay my car insurance... my unemployment ran out in January... I'd be homeless if I was not living with a kind old relative.
I think I had read that gifts up to $10,000 per year are tax exempt... and income under about $8,500 per year is not taxed, so I may not need to file a tax return this year unless I get a job and a W2...
My ASSETS are 15x less than my LIABILITIES... and FAR below the $18,675 California System 2 homestead/wildcard limit!
My QUESTIONS:
Should I show that gift/loan as income on my Schedule I and summary??? How??? It is not a monthly, predictable income... it is sort of an informal loan... but without it my income is FAR below my expenses (red flag?) ... that's one of the major reasons why I am bankrupt! I forgot to include this... it amounts to maybe a hundred a month, averaged, since January.
Now I'm trying to decide if I need to file (another) amendment, or just explain this gift/loan situation -- if questions come up at my 341 meeting? Help???
I'm sure this is not the first time this situation has ever happened... 
I am job-hunting and have made less than $5,000 on part-time, temporary, hourly jobs so far this year... needless to say, I am in the RED!
Every few months I get a bailout gift/loan, if needed -- from a relative -- so I can make my car payment and buy food and gas and pay my car insurance... my unemployment ran out in January... I'd be homeless if I was not living with a kind old relative.
I think I had read that gifts up to $10,000 per year are tax exempt... and income under about $8,500 per year is not taxed, so I may not need to file a tax return this year unless I get a job and a W2...
My ASSETS are 15x less than my LIABILITIES... and FAR below the $18,675 California System 2 homestead/wildcard limit!
My QUESTIONS:
Should I show that gift/loan as income on my Schedule I and summary??? How??? It is not a monthly, predictable income... it is sort of an informal loan... but without it my income is FAR below my expenses (red flag?) ... that's one of the major reasons why I am bankrupt! I forgot to include this... it amounts to maybe a hundred a month, averaged, since January.
Now I'm trying to decide if I need to file (another) amendment, or just explain this gift/loan situation -- if questions come up at my 341 meeting? Help???
I'm sure this is not the first time this situation has ever happened...
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