If I give you a gift, it is income and you owe taxes on it. If I give you a loan... | Hacker News

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		dmitrygr on Jan 15, 2021 \| parent \| context \| favorite \| on: Signal is having technical difficulties If I give you a gift, it is income and you owe taxes on it. If I give you a loan, it is not income and no taxes are owed. But tax man will expect you to pay it off! If I forgive you a loan, that is also taxable income, in the amount that you have not yet paid off, so no loophole there.

caturopath on Jan 15, 2021 | [–]

But the Signal Foundation is a 501(c)(3), so their donors don't owe taxes on the donations, right?

coolspot on Jan 15, 2021 | [–]

It may be different between an individual and a business, but for gift between individuals it is the donor who pays the tax:

https://www.irs.gov/businesses/small-businesses-self-employe...

caturopath on Jan 15, 2021 | [–]

This is between an individual and a charity, though, right?

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