What are the legal and tax implications for friends and family?

  1. gocehisa profile image82
    gocehisaposted 7 years ago

    What are the legal and tax implications for friends and family?

    I've purchased a home and I'm renovating it to put in a B&B. I'll also live there. Friends and family want to contribute money to my effort in amounts up to $5,000. What are the legal and tax implications of this for me and for those who give me money?

 
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