Folks,
I had given money to a family abroad and they are willing to repay in USA via zelle ($35000) over multiple payments. I did not get any interest and there is no paper trail as the support was given over the years. I would like to know the proper way to treat this from tax filing / reporting to IRS perspective. Do I need to declare this as an income in my tax filing? Can they be probable queries for the source of the income from IRS if i do not report?
Thanks
CVS
I had given money to a family abroad and they are willing to repay in USA via zelle ($35000) over multiple payments. I did not get any interest and there is no paper trail as the support was given over the years. I would like to know the proper way to treat this from tax filing / reporting to IRS perspective. Do I need to declare this as an income in my tax filing? Can they be probable queries for the source of the income from IRS if i do not report?
Thanks
CVS
Statistics: Posted by cvsvm2007 — Sat Feb 03, 2024 9:14 pm — Replies 1 — Views 104