Message Font: Serif | Sans-Serif
 
No. of Recommendations: 2
2) I would be taxed at my marginal rate, and the friends are content with me taking 30%/15% of the top of short/long term gains. Aslong as everyone fills out gift tax forms for the IRS, is there any other taxable implications?

A far better solution is for the accounts to remain in their names, and let them pay their own taxes. These are not gifts, as they are not giving you money unconditionally -- they expect to get it back.

As to licensing - you held those licenses before, don't you know what activities they covered? I would have thought that would have been part of the licensing exams.

--Peter
Print the post  

Announcements

Disclaimer:
In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement