I'm trying to waive the annual bank fees as so long as there is $9k that goes in every month the bank will waive it's fees. If I have someone else transfer for $9K then I transfer it back to them (every month), will there be any implications to this such as tax etc?
Hi @Sammy17,
No, this money won't be taxable.
Transferring between accounts like this is a private arrangement and isn't taxable. However if you're making regular transfers we might ask for proof - this could be written evidence such as a letter or email explaining that the money is being gifted.
Hi @Sammy17,
No, this money won't be taxable.
Transferring between accounts like this is a private arrangement and isn't taxable. However if you're making regular transfers we might ask for proof - this could be written evidence such as a letter or email explaining that the money is being gifted.
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