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#12
06-13-2006, 02:14 PM
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Re: Family Situation / Advice Please
[ QUOTE ]
there is a contract on the loan. the only problem is with my dad not wanting to sue him to get the money. i was even thinking of offering to my parents for me to buy the building, threaten to evict him, or just sell it. the other option i was thinking was to have the bank buy the building and make him pay payments directly to the bank and just cut my parents a check. the only problem with that is that we don't know if he took out a 2nd loan on the building yet. [/ QUOTE ] Depending upon the wording of the contract, primarily whether the building is held as collateral on the loan, that is, as a mortgage, then Dad could just sell the mortgage to someone who would take the necessary legal steps to enforce payment or ultimately foreclose on Uncle. If the contract does not collateralized the loan with the building, there may still be an opportunity to sell the loan (note) to a third party. But without the building as collateral, Dad would get a lesser price for the note. Another thought is that, assuming the contract is valid, etc., Dad could saddle Uncle with "relinquishment of debt" income by claiming a deduction on his tax return. This would lead Uncle to eventually have to pick up income of the unpaid amount of the loan. The threat to bring IRS into the picture, here, ought bring Uncle to the table because, in my experience, guys who will do this sort of thing to family have done it in spades to the gov. He, Uncle, may be so arrogant, though, that he might blow off the IRS threat. Dad, then, could just take the tax deduction, implicate Uncle, and let the chips fall where they may. That's the serious answer.... The OOT answer may be to sell the note to a member of the Gambino family or at the very least threaten Uncle with the selling of same to them. 
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#13
06-13-2006, 02:30 PM
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Re: Family Situation / Advice Please
[ QUOTE ]
"wait till he dies." [/ QUOTE ] There are professional consultants who can expedite this process.
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#15
06-13-2006, 03:24 PM
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Re: Family Situation / Advice Please
[ QUOTE ]
The recipient of the gift is not taxed. It is the giver. And even then, you have $1M (i think) to give away during your lifetime without being accessed the estate tax. Obviously if there is no contract, you are SOL out of the money if he decides not to pay it back during his lifetime. That sucks, since that is a huge ass loan. Repayment plans should have been discussed prior to the loan given out. Other than the family disowning him, you really have no options. I don't think you can save 125k worth of money by not sending him and his kids any Christmas presents. [/ QUOTE ] Not to mention the statute of limitations is only 3 years. IRS can't do nuffin' about that now anyways.
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#16
06-13-2006, 03:25 PM
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Re: Family Situation / Advice Please
[ QUOTE ]
[ QUOTE ] The recipient of the gift is not taxed. It is the giver. And even then, you have $1M (i think) to give away during your lifetime without being accessed the estate tax. Obviously if there is no contract, you are SOL out of the money if he decides not to pay it back during his lifetime. That sucks, since that is a huge ass loan. Repayment plans should have been discussed prior to the loan given out. Other than the family disowning him, you really have no options. I don't think you can save 125k worth of money by not sending him and his kids any Christmas presents. [/ QUOTE ] Not to mention the statute of limitations is only 3 years. IRS can't do nuffin' about that now anyways. [/ QUOTE ] Expand on this, is this just for estate taxes etc (hte statute of limitations), or is this for anything related to the IRS?
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#17
06-13-2006, 03:45 PM
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Re: Family Situation / Advice Please
[ QUOTE ]
[ QUOTE ] [ QUOTE ] The recipient of the gift is not taxed. It is the giver. And even then, you have $1M (i think) to give away during your lifetime without being accessed the estate tax. Obviously if there is no contract, you are SOL out of the money if he decides not to pay it back during his lifetime. That sucks, since that is a huge ass loan. Repayment plans should have been discussed prior to the loan given out. Other than the family disowning him, you really have no options. I don't think you can save 125k worth of money by not sending him and his kids any Christmas presents. [/ QUOTE ] Not to mention the statute of limitations is only 3 years. IRS can't do nuffin' about that now anyways. [/ QUOTE ] Expand on this, is this just for estate taxes etc (hte statute of limitations), or is this for anything related to the IRS? [/ QUOTE ] Basically, filing taxes for the IRS. If it wasn't on the form in 1998/7 whenever money was exchanged, the IRS has 3 years to bust the guy. If they don't, IRS is SOL. I dunno the statute of limitations for estate taxes.
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#18
06-13-2006, 03:51 PM
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Re: Family Situation / Advice Please
[ QUOTE ]
there is a contract on the loan. the only problem is with my dad not wanting to sue him to get the money. [/ QUOTE ] I think it's cool that your parents wanted a child badly enough to have you conceived via third-party, artificial insemination.
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#19
06-13-2006, 04:01 PM
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Re: Family Situation / Advice Please
[ QUOTE ]
[ QUOTE ] [ QUOTE ] [ QUOTE ] The recipient of the gift is not taxed. It is the giver. And even then, you have $1M (i think) to give away during your lifetime without being accessed the estate tax. Obviously if there is no contract, you are SOL out of the money if he decides not to pay it back during his lifetime. That sucks, since that is a huge ass loan. Repayment plans should have been discussed prior to the loan given out. Other than the family disowning him, you really have no options. I don't think you can save 125k worth of money by not sending him and his kids any Christmas presents. [/ QUOTE ] Not to mention the statute of limitations is only 3 years. IRS can't do nuffin' about that now anyways. [/ QUOTE ] Expand on this, is this just for estate taxes etc (hte statute of limitations), or is this for anything related to the IRS? [/ QUOTE ] Basically, filing taxes for the IRS. If it wasn't on the form in 1998/7 whenever money was exchanged, the IRS has 3 years to bust the guy. If they don't, IRS is SOL. I dunno the statute of limitations for estate taxes. [/ QUOTE ] I'm gonna say that this is probably false. It would seem too easy for people to just disappear for 3 years to not pay some taxes.
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