How to book loan, forgiveness & gift transactions

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1

I use Tiller excel. I would like comments on how to set up and book the following transactions.

I have a child with a note payable (loan), let’s say in the amount of $10,000. I also want to gift the same child, 100,000 yet stay under the 18/$36,000 annual exclusion.

I want to track all the individual transactions against the 100K. I then want to reverse the 10,000 loan and apply it against the 100K account leaving 90K, then pay them $8K in cash to equal my 2024 limit of $18K.

This would leave a balance of $82K for future years which would show up in my BALANCES. Yet I want to see all transactions made against the 100K.

2

I’m not sure I totally understand your goals and constraints with this, @tjones4852, but could you create a manual account for the $100k loan then create two transfers from existing accounts to move $18k from the linked account into the manual account?

3

Thanks. My Manual accounts feature was not functioning. I repaired the accounts tab and it was fixed as well. So your process will work.