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How are indirect financial gifts treated?

eternalblame · 2021-09-08 13:44:13

If someone helps another person financially, not by giving them money directly, but for example paying off a debt for them, should that be declared as a gift for taxation purposes in the same way as if they gave them money?

08-09-2021 1:44pm

#1

eternalblame

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If someone helps another person financially, not by giving them money directly, but for example paying off a debt for them, should that be declared as a gift for taxation purposes in the same way as if they gave them money?

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Comments

#2 08-09-2021 1:55pm

Buddy Bubs

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Would be a very convenient way around it if it was treated differently wouldn't it? Could someone pay my mortgage off and not be seen as a gift? I actually don't know the answer for sure as I've never heard the question posed in this way but I'd imagine it's the same as giving someone cash. Not difficult to put monetary value on it

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#3 09-09-2021 8:25am

relevanc

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Treated as a gift unfortunately

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