Give $$$ to Brother to lower EFC

Sikorsky
Sun, 06 Mar 2011 14:30:59 +0000

that is, if i transfer $12k to my brother this year as a ‘gift’, couldn’t my brother transfer $12k to me (next tax year) as a ‘gift’ ?



He could. But he doesn’t have to. If he wants to, he could spend it all on a car, or a trip to Costa Rica, or dope and hookers. If you give a so-called gift with the expectation that it will be returned to you at some advantageous time, it isn’t really a gift.

If you give a fake gift in an attempt to defraud lenders or the government, you’re committing a crime. If you get caught, don’t expect a mere slap on the wrist.

This is a huge risk for a small gain, and, IMO, an idea that’s both dumb and wrong.