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Do You Own a Yacht???
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felton
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Do You Own a Yacht???
On 09 Jul 2003 14:47:09 GMT,
(Bobsprit) wrote:
When people want
assets in their spouses names, it is usually because of creditors
lurking about in hopes of getting paid. Bob said "he bought the car
and she bought the boat." Big surprise. A car is usually exempt from
the claims of creditors whereas a boat would not be exempt.
Not 100% untrue. Luxury items in my name would be dangerous for me at present.
I'm in the middle of an estate audit due to a recent death.
Since most of you have no real money and none to inherit you know nothing of
this or what flags the IRS systems.
RB
Oh, please. Nothing in the IRS is red flagged by the purchase of a
$20K boat. Further, an individual is not subjected to an "estate
audit". Estates are audited, but rarely, as most estates are not
taxable. You may well owe the IRS for back taxes, but I rather doubt
it is "estate related" as estate distributions are not taxable to the
recipients and the assets of the recipients aren't part of an "estate
audit". Unless you were the executor and attempted to screw the IRS
out of some of their "death taxes" that the democrats love so much,
you would have nothing to fear
Do You Own a Yacht???