A friend of mine came into a large sum of money from a legal suit and
is planning on giving me $25,000 as a gift.
I'll be using the money (along with mine) to start a web-design
business. The money will come in a check.
Right now, the money is not being considered an investment. It's
purely a gift. Regardless, it does not need to be repaid.
I honestly don't know if taxes have been paid on the money (if that
Can someone please help guide me in the right direction in depositing
this money in the proper way to not be eaten alive on taxes?
- posted 12 years ago