In-Laws, The
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IMDB rating: 6.50 Plot: When prospective fathers-in-law Steve Tobias and Jerry Peyser meet for the first time to celebrate their children’s upcoming marriage, the cake hits the fan. Dr. Jerome Peyser is a mild-mannered podiatrist with a well-organized daily routine designed to eliminate all possible sources of stress. Meanwhile, daredevil CIA operative Steve Tobias moves through life like a heat-seeking missile. His average day consists of dodging bullets, stealing private jets and negotiating with international arms smugglers. Now he’s giving potential father-of-the-bride Jerry a serious case of pre-nuptial jitters. Steve’s dramatic entrances and exits, his cryptic references to a Russian runaway named Olga and his fight with a gunman in a restaurant washroom causes Jerry to see a vision of his daughter’s perfectly planned wedding blowing up in his face. As far as Jerry’s concerned, letting Steve into his family takes til death do us part way too literally. Before he can say the wedding is off, Jerry suddenly finds himself embroiled in the chaos that follows in Steve’s wake as he is dragged kicking and screaming into a series of perilous adventures that take the mismatched in-laws-to-be halfway around the world. |
Actors: Douglas Michael,Bodnar Michael,Radian Vladimir,Brooks Albert,Banks Boyd,Reynolds Ryan,Tseng Chang,Birman Matt,Andrews A. Russell,Waugh Richard,Action,Comedy,
My husband received payments from his dad - do we report this as income?
My husband is self-employed, and I am a student. In 2009 my father-in-law made payments to my husband of $2,000 each in Oct, Nov, and Dec.. The purpose of these payments was so my husband would be able to continue his business since he had some losses last year. The money allowed him to not have to take another job. In other words, the money went toward our support (rent, groceries, etc) - not into husband’s business.
However, in return, my husband is at some point to share some of the research he has done w/ his dad to allow his dad to eventually join his business in a few years. This agreement is completely informal - no contract, no date or details decided yet. The ONLY paper trail is the deposit of dad’s checks into our bank account (no W-2, payroll taxes,etc coming from dad’s end)
Can someone tell me what these payments are? Compensation income, gift, support..? Do we report this or not? and how? We fully wish to comply with the law.
On a side note, if we report this as income, is this going to put my dad-in-law in a bad position with the IRS? We want to notify him in advance if whatever we do could affect him.
I really appreciate any insight into this. Thanks!!
Father-in-law’s intent:
"The purpose of these payments was so my husband would be able to continue his business since he had some losses last year."
"However, in return, my husband is at some point to share some of the research he has done w/ his dad to allow his dad to eventually join his business in a few years."
There is absolutely no intent for this to be an investment (money will never be repaid, there is no interest, etc.)
I will ask FIL if he is taking a deduction for this amount.. but I doubt he would do that seeing as how this was completely "under the table". Wouldn’t he get in trouble for not withholding payroll/federal taxes and not submitting us a W-2?
I see no issues, but I would do a search at www.irs.gov You can do a search about income and review publications and just see what options you have.
randy e | Feb 08, 2010
An argument can be made either way, but from your point of view, I would certainly think the best course of action would be to treat the money as a gift. Your f-i-l can gift as much as $12,000/year free of taxes to your husband. However, is your f-i-l intending to take this as a business deduction? If so, you’ll need to report it as income. The question is, what was your father-in-law’s intent in giving you the money - a gift or a business investment - not what did you do with the money?
Dazy | Feb 08, 2010
The father can give a gift of up to $13,000 in a year tax free, and he can give another $13,000 to you and each of your children, all tax free.
knowitall | Feb 08, 2010
No matter how you look at it, you cannot (or should not) report this as income without a 1099 from your father-in-law. As a parent myself, I would say it is just a gift. Let it go at that!!!
Hammer | Feb 08, 2010
