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Can I include this as income?

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Anonymous
Not applicable

Can I include this as income?

Hey everyone!

 

I would like some input. Can I include money that is gifted to me (from my parents) on my card applications? This is money that I have been receiving for a year now while I am in college. The amount is almost near my own income , but is under the amount for gift tax exemption for 2018, and I believe would yield me better results if I could include it as income on my applications.

 

Any input is welcome!

Message 1 of 7
6 REPLIES 6
Jnbmom
Credit Mentor

Re: Can I include this as income?

I always put down income that I can verify through paystubs/tax returns.

EXP 780 EQ 791TU 795
Message 2 of 7
Brian_Earl_Spilner
Credit Mentor

Re: Can I include this as income?

You answered your own question. It's a gift, not income.

    
Message 3 of 7
Anonymous
Not applicable

Re: Can I include this as income?

Not income, but if there is a section for "assets" I would include it there. 

Message 4 of 7
CreditInspired
Community Leader
Super Contributor

Re: Can I include this as income?

Hi all,

I have a question just for my own benefit. Could this gifted amount be considered reasonable access to household income? I ask because he/she does have access to it.

|| AmX Cash Magnet $40.5K || NFCU CashRewards $30K || Discover IT $24.7K || Macys $24.2K || NFCU CLOC $15K || NFCU Platinum $15K || CitiCostco $12.7K || Chase FU $12.7K || Apple Card $7K || BOA CashRewards $6K
Message 5 of 7
Brian_Earl_Spilner
Credit Mentor

Re: Can I include this as income?


@CreditInspired wrote:
Hi all,

I have a question just for my own benefit. Could this gifted amount be considered reasonable access to household income? I ask because he/she does have access to it.

If under 21, it could be considered financial support by parents, but that goes out the window once you call it a gift.

    
Message 6 of 7
CreditInspired
Community Leader
Super Contributor

Re: Can I include this as income?

Ahhh, thanks @brian for the explaining the difference.

|| AmX Cash Magnet $40.5K || NFCU CashRewards $30K || Discover IT $24.7K || Macys $24.2K || NFCU CLOC $15K || NFCU Platinum $15K || CitiCostco $12.7K || Chase FU $12.7K || Apple Card $7K || BOA CashRewards $6K
Message 7 of 7
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