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I received an unsecured loan in my name of $40,000 to pay for 50% ownership in a home in Arizona with my girlfriend. She now wants to pay off this loan with her money. Once my home sells, I will give her this money back. Is this or would this be considered a gift and subject to gift tax?


ANSWER


Expert Todd Alexander's Answer:

If you are repaying a loan, whether secured or unsecured, it would not be considered a gift.

Todd Alexander, CPA

California

20 yrs experience

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