Who is a tax expert here?
- Thread starter Houdini
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Houdini--you do not need a CPA, what you need is advise of competent Counsel---an Attorney who practices in fraud and misrepresentation in tax related matters.
From what you have stated, your son is fraudulently conveying money in your wife’s name in the furtherance of tax evasion and your wife is acquiescing to the conduct.
These kinds of actions can carry criminal as well as civil sanctions and your wife as well as your son should be apprised of the magnitude of potential exposure he is creating by his allegedly illicit conduct.
Sun
From what you have stated, your son is fraudulently conveying money in your wife’s name in the furtherance of tax evasion and your wife is acquiescing to the conduct.
These kinds of actions can carry criminal as well as civil sanctions and your wife as well as your son should be apprised of the magnitude of potential exposure he is creating by his allegedly illicit conduct.
Sun
This is a snip from the turbo tax web site, it might help...
he gift tax is perhaps the most misunderstood of all taxes. When it comes into play, this tax is owed by the giver of the gift, not the recipient. You probably have never paid it and probably will never have to. The law completely ignores gifts of up to $13,000 per person, per year, that you give to any number of individuals. (You and your spouse together can give up to $26,000 per person, per year to any number of individuals.)
If you have 1,000 friends on whom you wish to bestow $13,000 each, you can give away $13 million a year without even having to fill out a federal gift-tax form. That $13 million would be out of your estate for good. But if you made the $13 million in bequests via your will, the money would be part of your taxable estate and would trigger an enormous tax bill.
Here is the link
he gift tax is perhaps the most misunderstood of all taxes. When it comes into play, this tax is owed by the giver of the gift, not the recipient. You probably have never paid it and probably will never have to. The law completely ignores gifts of up to $13,000 per person, per year, that you give to any number of individuals. (You and your spouse together can give up to $26,000 per person, per year to any number of individuals.)
If you have 1,000 friends on whom you wish to bestow $13,000 each, you can give away $13 million a year without even having to fill out a federal gift-tax form. That $13 million would be out of your estate for good. But if you made the $13 million in bequests via your will, the money would be part of your taxable estate and would trigger an enormous tax bill.
Here is the link
The problem with that is it is it is not intended to be a "gift"---the intent is to keep title to the money and recapture it--not gift it away. So it goes to intent.
If it is a true gift, the Son should never be looking for this money again, but if he is doing this for the sole purpose of not paying tax on the money and at some point in time regaining the money, he needs competent legal advise by Counsel in his area. The wife should also seek Counsel as well.
Sun
If it is a true gift, the Son should never be looking for this money again, but if he is doing this for the sole purpose of not paying tax on the money and at some point in time regaining the money, he needs competent legal advise by Counsel in his area. The wife should also seek Counsel as well.
Sun
Again, I'm not totally sure of his circumstances and don't know if he ever wants the money back. It's possible he doesn't since he is doing well financially. Also, he is my step-son not my son and not that it matters. Thanks for the advise.
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