In 2011 i decided to use all my savings around $40,000.00 to try to have my genetic child using In Vitro Fertilization and a egg donor, but one of the agencies i was working with screwed me over and i had already paid the other agency $18,000.00 and in order to make up for the money i lost with the egg donor agency and not loose everything my family who lives in another country sent me by western union $8,900.00 on May 2011, $5,800.00 on July 2011 and $2,900.00 on August 2011, total amount my family sent me $17,600,00.
My questions: how the money i got from my family will affect my taxes, do i have to file this info and if yes how do i do, any special forms for that? Thanks
If your family intended it as a gift or a loan, then it makes no difference, it is neither income to you nor reportable by you.
Eric P. Rothenberg, P.C.
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I agree it is not income to you and you do not have to report the income received as gifts.
Marty Davidoff, firstname.lastname@example.org, 732-274-1600. This answer is provided for general information only. You should seek advice from an attorney or tax professional.