Discussion:Millionaire and girlfrield

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(So if they win b)
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(She is just upsi)
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{{ForumReplyPost|UserID=Bearcat|Date=14 April 2008|Text=So if they win big, who takes posession of the money? Is that one of those 50 ways to leave your lover. I suppose he takes the money and leaves her a nice parting gift. Just slip out the back Jack.}} {{ForumReplyPost|UserID=Bearcat|Date=14 April 2008|Text=So if they win big, who takes posession of the money? Is that one of those 50 ways to leave your lover. I suppose he takes the money and leaves her a nice parting gift. Just slip out the back Jack.}}
 +
 +{{ForumReplyPost|UserID=WPCPA|Date=14 April 2008|Text=She is just upside down in equity =) Am I missing a Double Meaning here?
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 +Issue - is it a Gift or for "personal services" the money was transfered.
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 +Gift implies nothing of value is exchanged - no element of bargin.
 +
 +In other words, if he were not spending would she stick around?}}

Revision as of 21:19, 14 April 2008

Discussion Forum Index --> Advanced Tax Questions --> Millionaire and girlfrield
Discussion Forum Index --> Tax Questions --> Millionaire and girlfrield

TaxRide (talk|edits) said:

14 April 2008
I have a client who is a waitress. She has a boyfried who is a millionaire. They go gambling together. She has a W2 for $13,000,gambling proceeds of $98,000 and losses of $115,000. Obviously he gave her the money. BTW, he is my client also. Does he have a gift tax issue?

Rgtaxservice-I do hate you. I'm sure you'll have a good laugh at our expense tomorrow. Please remember us as you goof off all day :)

Pegoo (talk|edits) said:

14 April 2008
Not necessarily a gift tax issue. She is just upside down in equity =)

TaxRide (talk|edits) said:

14 April 2008
Pegoo-Thank you for the reply. I was beginning to wonder if this was a dumb question. Im just too tired to think right now.

1040man (talk|edits) said:

14 April 2008
I have a client who is a waitress. She has a boyfried who is a millionaire. They go gambling together. She has a W2 for $13,000,gambling proceeds of $98,000 and losses of $115,000. Sure hope she can itemize!!

Joanmcq (talk|edits) said:

14 April 2008
If you have $115000 of losses, of course you can itemize. She has $98000 of itemized deductions.

Southparkcpa (talk|edits) said:

14 April 2008
If you take the position that he gave her the original 12k and she rolled with it......... there is no issue. File her return, itemize and I think you are OK.

Bearcat (talk|edits) said:

14 April 2008
I'm curious if AMT kicks in at some point?

Kevinh5 (talk|edits) said:

14 April 2008
1040 man is referring to the state return. Illinois, for one, doesn't allow itemized deductions.

Bearcat (talk|edits) said:

14 April 2008
So if they win big, who takes posession of the money? Is that one of those 50 ways to leave your lover. I suppose he takes the money and leaves her a nice parting gift. Just slip out the back Jack.

WPCPA (talk|edits) said:

14 April 2008
She is just upside down in equity =) Am I missing a Double Meaning here?

Issue - is it a Gift or for "personal services" the money was transfered.

Gift implies nothing of value is exchanged - no element of bargin.

In other words, if he were not spending would she stick around?

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