DansDeals.com Forums

DansDeals Forum => General Discussion => Topic started by: Nitantnel on July 06, 2011, 10:43:23 PM

Title: Too much money for section8?
Post by: Nitantnel on July 06, 2011, 10:43:23 PM
After playing for a while I am beginning to wonder if all the transactions I accumulated by meeting thresholds will demilitarize my reported income. My reported income is about 13,000, but with this game I moved around 20,000 - would this be a problem? Note, I only put in money to pay the credit card; thus my balance always remained relatively low.
Title: Re: Too much money for section8?
Post by: muttman on July 07, 2011, 10:14:01 AM
After playing for a while I am beginning to wonder if all the transactions I accumulated by meeting thresholds will demilitarize my reported income. My reported income is about 13,000, but with this game I moved around 20,000 - would this be a problem? Note, I only put in money to pay the credit card; thus my balance always remained relatively low.

My accountant told me that money from parents does not have to be declared
Title: Re: Too much money for section8?
Post by: Nitantnel on July 07, 2011, 10:52:54 AM
My accountant told me that money from parents does not have to be declared

You mean to say that I can tel them that all that money being moved around was from my parents?
Title: Re: Too much money for section8?
Post by: whYME on July 07, 2011, 11:26:27 AM
My accountant told me that money from parents does not have to be declared
I believe that's up to $13,000 per person.
Title: Re: Too much money for section8?
Post by: Dan on July 07, 2011, 11:32:20 AM
I believe that's up to $13,000 per person.
Dunno about S8, but for tax purposes each parent can give $13,000 to you tax-free per year, so total of $26,000 combined.  If you have a spouse then you can each get 26K from one set of parents.
If you have 2 kids, that's a total of up to $104K from one set of parents. etc.
Title: Re: Too much money for section8?
Post by: whYME on July 07, 2011, 11:39:40 AM
Dunno about S8, but for tax purposes each parent can give $13,000 to you tax-free per year, so total of $26,000 combined.  If you have a spouse then you can each get 26K from one set of parents.
This applies to other family members as well, not just parents. (definitely grandparents, I'm not sure exactly who else).
Title: Re: Too much money for section8?
Post by: smurf on July 07, 2011, 12:11:55 PM
that's all true regarding tax but regarding aid programs parental support is considered "unearned income" and different programs have different limits on this kind of income.
If any of fedaid  agency requires bank statements to recertify they may give you an issue with all the money moving around.