No. A "gift" does not get paid back. A gift has no strings attached and you do not get paid back for a gift. You are loaning money if you are being repaid. Claiming that you gave a gift and that they gave you an identical gift a couple of months later to skirt the tax laws would be dishonest. You are loaning money, and there is imputed interest when they pay it back to you. You will report that interest as income on your own tax return as if you received a 1099INT.
**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
