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My girlfriend and I are buying a car together. She plans to give me a check every month for her part of the payment. Do I have to report what she gives me as income?
Purchasing an asset with another person can cause problems. Some things to consider are:
You do not provide specific information about the details of the car transaction, so I will assume the following: the car is in your own name, you are personally liable for the car loan, and you are paying the insurance and other upkeep expenses. Given these assumptions, there are three reasonable scenarios regarding the tax consequences.
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