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Updated about 6 years ago,

Christopher Tritch's profile image
Christopher Tritch's profile image
Christopher Tritch
  • Member since Jul 14, 2018
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Christopher Tritch's profile image
Christopher Tritch's profile image
Christopher Tritch
  • Member since Jul 14, 2018
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Christopher Tritch
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Tax, SDIRAs & Cost Segregation

Someone gave me money to invest. Is it subject to income tax?

Christopher Tritch
Posted

I'm just beginning my real estate career. After hearing my plans, an acquaintance gave me money under the condition that we would split the profits. This money is now in my LLC's bank account.

Does the IRS consider this income? Do I have to pay taxes on this money? 

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