Author Topic: Too much money for section8?  (Read 1223 times)

Offline Nitantnel

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Too much money for section8?
« 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.

Offline muttman

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Re: Too much money for section8?
« Reply #1 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
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Offline Nitantnel

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Re: Too much money for section8?
« Reply #2 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?

Offline whYME

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Re: Too much money for section8?
« Reply #3 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.

Offline Dan

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Re: Too much money for section8?
« Reply #4 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.
« Last Edit: July 07, 2011, 11:49:19 AM by Dan »
Save your time, I don't answer PM. Post it in the forum and a dedicated DDF'er will get back to you as soon as possible.

Offline whYME

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Re: Too much money for section8?
« Reply #5 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).

Offline smurf

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Re: Too much money for section8?
« Reply #6 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.