Skip to main content
Message Font: Serif | Sans-Serif
No. of 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.

Print the post  


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.
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.