Home /Q&A /Is cash gift considered income ?

Is cash gift considered income ?

July 17th, 2006 by Questions

If during bankruptcy I receive $5,000 gift from a relative, would that money be considered income and “surplus income” would then occur?

Questions

One Response to “Is cash gift considered income ?”



, Barton Goth, GCO Inc. Bankruptcy Trustees said:

Yes, any monies that come into your possession must be factored into the superintendent surplus calculation.

Please post a follow up comment below:

(Note: comments are reviewed by moderators and then posted after approval. In addition, due to high volume some of the comments might not be posted.)