Message Font: Serif | Sans-Serif
 
UnThreaded | Threaded | Whole Thread (14) | Ignore Thread Prev | Next
Author: ptheland Big gold star, 5000 posts Feste Award Nominee! Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121061  
Subject: Re: Payments On UnOwned Property Date: 10/4/2013 12:15 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 3
First I should say that my wife and I have both been married before so the children (two sons) are hers.

Sorry about the error in my memory. Feel free to correct all of the pronouns in my earlier post accordingly.

the business checking account supposedly used to pay the LLC expenses was a remainder from before the LLC was formed and was never put into the LLC

OK. So it was your wife's account and not the LLC's. In that case, I'd probably split the advice from earlier in the thread. Any expenses that related to the time she owned the LLC would be properly deducted on her (or your joint) tax return. The rest of the payments I'd consider to be a gift to her son. Depending on the amount and timing of those gift payments, she might need to amend the previous gift tax return and/or file a gift tax return for this year.

--Peter
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (14) | Ignore Thread Prev | Next

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 "#1 Media Company to Work For" (BusinessInsider 2011)! 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