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Can I include this as income?

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Valued Member

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
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Community Leader
Senior Contributor

Re: Can I include this as income?

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

EXP 763 TU 793 EQ 734
Message 2 of 7
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Community Leader
Super Contributor

Re: Can I include this as income?

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







Message 3 of 7
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Frequent Contributor

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
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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.


DEC 2019: EX 816, TU 820, EQ 810
DEC 2018: EX 777, TU 783, EQ 799

|| NFCU CashRewards $30K || AmX Cash Magnet $30K || Discover IT $24.7K || Macy's $20K || NFCU CLOC $15K || NFCU Platinum $12.5K || AmX ED $11.5K || CitiCostco $7K || CitiDC $6.3K ||
Message 5 of 7
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Community Leader
Super Contributor

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
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Community Leader
Super Contributor

Re: Can I include this as income?

Ahhh, thanks @brian for the explaining the difference.


DEC 2019: EX 816, TU 820, EQ 810
DEC 2018: EX 777, TU 783, EQ 799

|| NFCU CashRewards $30K || AmX Cash Magnet $30K || Discover IT $24.7K || Macy's $20K || NFCU CLOC $15K || NFCU Platinum $12.5K || AmX ED $11.5K || CitiCostco $7K || CitiDC $6.3K ||
Message 7 of 7
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