Can I include regular family cash gift support as income on CC applications?

[M_Smart007]

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@Rogue46 wrote:

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@Brian_Earl_Spilner wrote:

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@Rogue46 wrote:

Most of the applications I've seen list income as any income you have reasonable access to. 

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It's not quite that simple. Some lenders, like discover and Amex, won't allow me to add my wife's income. Sure, I can ask her for money at any time so that could be considered reasonable access, but I don't have access to her accounts. Since I don't have access and I can't prove where it came from, it can't be considered. 

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So if you were to list her income you would have to verify it with Amex?

I always list both incomes and never had an issue even with Amex and Disco

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@Rogue46, If Amex or Discover were to do a FR (Financial Review) or ask a Form 4506-T

You would have to prove stated income in a reasonable amount of time ..or they will shut you down.

[Jnbmom]

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@M_Smart007 wrote:

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@Rogue46 wrote:

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@Brian_Earl_Spilner wrote:

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@Rogue46 wrote:

Most of the applications I've seen list income as any income you have reasonable access to. 

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It's not quite that simple. Some lenders, like discover and Amex, won't allow me to add my wife's income. Sure, I can ask her for money at any time so that could be considered reasonable access, but I don't have access to her accounts. Since I don't have access and I can't prove where it came from, it can't be considered. 

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So if you were to list her income you would have to verify it with Amex?

I always list both incomes and never had an issue even with Amex and Disco

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@Rogue46, If Amex or Discover were to do a FR (Financial Review) or ask a Form 4506-T

You would have to prove stated income in a reasonable amount of time ..or they will shut you down.

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Well if you file jointly and can prove with taxes then you are good however the OP is trying to include monies given to her by family totally different scenario there. As I stated earlier in the post always out what you can PROVE .

[Rogue46]

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@Jnbmom wrote:

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@M_Smart007 wrote:

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@Rogue46 wrote:

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@Brian_Earl_Spilner wrote:

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@Rogue46 wrote:

Most of the applications I've seen list income as any income you have reasonable access to. 

---

It's not quite that simple. Some lenders, like discover and Amex, won't allow me to add my wife's income. Sure, I can ask her for money at any time so that could be considered reasonable access, but I don't have access to her accounts. Since I don't have access and I can't prove where it came from, it can't be considered. 

---

So if you were to list her income you would have to verify it with Amex?

I always list both incomes and never had an issue even with Amex and Disco

---

@Rogue46, If Amex or Discover were to do a FR (Financial Review) or ask a Form 4506-T

You would have to prove stated income in a reasonable amount of time ..or they will shut you down.

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Well if you file jointly and can prove with taxes then you are good however the OP is trying to include monies given to her by family totally different scenario there. As I stated earlier in the post always out what you can PROVE .

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Yes we file jointly so I guess it's not an issue. Sorry to highjack the thread just wanted clarification 

[tricklemoo]

Thanks for the responses, all.
I'm still not entirely clear on if its a good idea for me to include this income, though. I guess the heart of my question was really if bank statements showing a pattern of deposits was enough for proof. Because obviously I have this, but nothing else- it's under the 17,000 per year gift allowance so the family member wouldn't be reporting to taxes (actually, are they meant to declare it even if they know its under the allowance?!).

[OmarGB9]

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@tricklemoo wrote:

Thanks for the responses, all.
I'm still not entirely clear on if its a good idea for me to include this income, though. I guess the heart of my question was really if bank statements showing a pattern of deposits was enough for proof. Because obviously I have this, but nothing else- it's under the 17,000 per year gift allowance so the family member wouldn't be reporting to taxes (actually, are they meant to declare it even if they know its under the allowance?!).

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I think the general consensus was to probably not include it unless you can prove it via tax returns (YOUR tax returns, not your parent's).

[Brian_Earl_Spilner]

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@tricklemoo wrote:

Thanks for the responses, all.
I'm still not entirely clear on if its a good idea for me to include this income, though. I guess the heart of my question was really if bank statements showing a pattern of deposits was enough for proof. Because obviously I have this, but nothing else- it's under the 17,000 per year gift allowance so the family member wouldn't be reporting to taxes (actually, are they meant to declare it even if they know its under the allowance?!).

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The gift allowance factors it out during taxes as a deduction.

[ThomasJNewton]

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@tricklemoo wrote:

Thanks for the responses, all.
I'm still not entirely clear on if its a good idea for me to include this income, though. I guess the heart of my question was really if bank statements showing a pattern of deposits was enough for proof.

Thanks to the CARD Act and its implementation rules, you can report that income. See this.

Because obviously I have this, but nothing else- it's under the 17,000 per year gift allowance so the family member wouldn't be reporting to taxes (actually, are they meant to declare it even if they know its under the allowance?!).

As long as it is under the annual gift amount per person providing the gift no one needs to report it to anyone. Each person over 18 can give another person $17,000 in 2023 without needing to report it at all.