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Started By
Message
Gift Tax for a yacht?
Posted on 8/28/13 at 2:03 pm
Posted on 8/28/13 at 2:03 pm
Strange situation, but my boss is buying a 42' yacht in cash but would like to put it in my name. He does not live in New Orleans and I will be maintaining it.
My question is, will there be a problem with him buying a boat in my name for IRS purposes? There is no sales tax for a boat purchase in New Orleans (it is considered a "casual sale" by state law), but I am worried about gift tax or anything else that would raise a flag to the IRS as to how I was able to get a purchase of this size in my name.
Does the IRS even see this purchase?
A good recommendation for an accountant in the area would also be helpful.
TIA
My question is, will there be a problem with him buying a boat in my name for IRS purposes? There is no sales tax for a boat purchase in New Orleans (it is considered a "casual sale" by state law), but I am worried about gift tax or anything else that would raise a flag to the IRS as to how I was able to get a purchase of this size in my name.
Does the IRS even see this purchase?
A good recommendation for an accountant in the area would also be helpful.
TIA
13
Posted on 8/28/13 at 2:05 pm to jsquardjj
quote:
but would like to put it in my name
Why?
Posted on 8/28/13 at 2:07 pm to Athanatos
quote:
Why?
Sounds like he's trying to protect it from community property laws?
Posted on 8/28/13 at 2:09 pm to jsquardjj
Let him put it in your name. Then sell it and move to another city.
Posted on 8/28/13 at 2:28 pm to southernelite
quote:
Sounds like he's trying to protect it from community property laws?
Yes, this is one of the reasons.
I just want to make sure I cannot get hurt by accepting it in my name. He trusts me extensively, and I can use it as much as I see fit. Unless I am getting hit by the IRS, I don't see a problem with it.
Posted on 8/28/13 at 2:47 pm to jsquardjj
The person that is receiving the gift does not pay taxes on the item.
Posted on 8/28/13 at 2:51 pm to PurpleAndGold86
Sounds shady.
Posted on 8/28/13 at 2:55 pm to jsquardjj
The last time I heard about this type of situation the DEA later showed up and start ripping apart the boat, finding hidden compartments with a lot of coke residue. The DEA did not seem to care that the guy said it was not really his boat, and they were especially interested in the fact that there was no money trail to show how he bought the boat. You never know!
Posted on 8/28/13 at 2:59 pm to jsquardjj
think i saw this episode on dateline. good luck!
Posted on 8/28/13 at 3:06 pm to PurpleAndGold86
quote:As the guy's employee, the IRS might consider it taxable compensation and not a gift.
The person that is receiving the gift does not pay taxes on the item.
Somebody illuminate the Poodle signal.....
Posted on 8/28/13 at 3:06 pm to jsquardjj
quote:
He trusts me extensively
Code for he's your lover.
Posted on 8/28/13 at 3:33 pm to Janky
quote:
Sounds shady
His boss is running the booger sugar from Columbia...
Posted on 8/28/13 at 3:34 pm to iknowmorethanyou
Posted on 8/28/13 at 6:52 pm to jsquardjj
He could simply place ownership in a trust or a corporate entity.
Posted on 8/28/13 at 8:22 pm to jsquardjj
Sounds cool. When's the shakedown cruise to Cartagena?
Posted on 8/28/13 at 11:40 pm to jsquardjj
The IRS will consider the gift to be compensation to you from your employer if the value is over $25. Since the value of a 42' boat is obviously greater than $25, you'd be looking at all sorts of income, and both you and your employer would be looking at failure to withhold issues with respect to income and payroll taxes.
Posted on 8/29/13 at 7:16 am to Poodlebrain
/thread
Posted on 8/29/13 at 10:11 am to jsquardjj
Dude.
Posted on 8/29/13 at 10:49 am to jsquardjj
quote:
Sounds like he's trying to protect it from community property laws?
Yes, this is one of the reasons.
So its his bang boat?
Awesome.
Posted on 8/29/13 at 11:56 am to jsquardjj
So he doesn't want to take on the risk and wants to transfer it to you. Doesn't sound like the kind of boss I'd want. I wonder how tight and legal his business dealings are.
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