Can my mom give me $3000 as a tax-free gift to help me start a business? (I'm 26.)

1 Answer

Answer :

answer:If it’s a gift from someone else it’s tax free. It’s yours. (I’m talking from the UK here though). I’m 18 and if I get money from a relative it’s mine. No taxing. I don’t see why it should be any different if your mum gives you money for your business. If it was a loan you would have to pay back more than you accepted right? Think of it as a charity donation, they aren’t taxed. Although if your mum does give you the money remember to give her more back if you’re successful ^_^

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