Are you responsible to show money given to you by parent (over $12000 a year) taken out of her trust?
October 142009
Is she responsible to show transactions? She is elderly and I am not sure how they protect assetts and money trust? estate ? If so is she able to spend as she pleases? Home is in a realty trust with her 50 year old as the beneficiary. H e has been living there and has completely remodeled and renovated. He claims an income of under $10000 a year in divorce court. When asked how he purchased his new Harley,beach cottage, and his $50000 lawyer he claimed his mother gave him the money. Was the judge asleeo???
Anything over a $10K "gift" from a parent is supposed to be reported as income. I’m talking about cash, etc. If the parent decides to buy him a car, Harley, pays for his legal fees, etc. That is a whole different can of worms. You can work around some tax/income laws…
October 14th, 2009 at 7:28 pm
Anything over a $10K "gift" from a parent is supposed to be reported as income. I’m talking about cash, etc. If the parent decides to buy him a car, Harley, pays for his legal fees, etc. That is a whole different can of worms. You can work around some tax/income laws…
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