Your brother is short on cash and cannot pay his rent this, Ask an Expert

Accounting

1) Your brother is short on cash and cannot pay his rent this month. You pay his rent for him. Is this taxable income to your brother? Do you get a deduction?

2) Which of the following items would be excluded from income?

(a) $100 bill found under the sugar caddy at the restaurant.

(b) Inheritance of a car from your grandmother valued at $5,000.

(d) Child Support received totaling $16,500.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M940805

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