I have a somewhat unique situation – I agreed to manage my step-mom’s money (trading stocks etc) of which I am the sole beneficiary and she decided to give me about $10K of the profits. In this situation, even though it’s under the $15K gift limit, would this be considered income that I have to report given it’s tied to me investing well on her behalf? I’d manage the money regardless out of self-interest given I’ll eventually get the money… also, If I do have to report it as income, would she have to report me as some type of employee?? I was reading about the “nanny tax” and it’s all very confusing…. Thank you for any guidance!
