My parents took out a home equity loan because I didn't qualify for one. They will be giving me the money once the loan is approved. The amount is $50k. When I deposit it, will I have to pay taxes on it?
Untitled
Depositing money is not a taxable event. If the money represents income to you, it could be taxable. If it is not income, but a loan, it is generally not taxable.
There are some tax rules that might affect you if your parents don't charge you an appropriate rate of interest on a loan. Consult a qualified tax adviser for information on that question.
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Depositing money is not a taxable event. If the money represents income to you, it could be taxable. If it is not income, but a loan, it is generally not taxable.