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Q: Taxes ( No Answer,   1 Comment )
Subject: Taxes
Category: Business and Money > Accounting
Asked by: ryalalicia-ga
List Price: $2.00
Posted: 07 Aug 2006 17:35 PDT
Expires: 06 Sep 2006 17:35 PDT
Question ID: 753623
If a wife was given a large sum of money that a husband made
($300,000) and she put it in her account.  Husband did not pay taxes
on the sum-- is the wife who files separate returns and owns her own
house solely liable for the sum?
There is no answer at this time.

Subject: Re: Taxes
From: abezon-ga on 07 Aug 2006 19:31 PDT
She would not be personally liable for any income taxes on the money
if she did not file a joint return that year. However, the IRS would
probably take the view that the husband's gift was an attempt to evade
taxes & still protect the money from IRS levy. Therefore, she would be
liable to the extent she received funds ($300,000). This is similar to
the way a beneficiary of a will is not liable for the decedents's
debts, except to the extent the beneficiary received assets from the

If the IRS prevailed, a court could make her pay the taxes & penalties
& interest & penalties on interest, etc, up to $300,000 total. Note
that this applies even if she's spent/given away the cash. In that
case, the IRS could get $300,000 of her other assets.

What was the source of the money? Earnings, capital gains, inheritance?

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