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Posted by Gil Faver on March 8, 2008, 11:15 am
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taxpayer has, somewhat reluctantly, agreed to help her mother and aunt
substantially remodel a small rental bungalow so that it might once again be
rented. Aunt and mother stand back and do nothing, and taxpayer has all the
interaction with the contractor, etc. Property is owned by mother and aunt,
and not at all by taxpayer. Taxpayer will receive a small amount for her
efforts, say $5,000.00. Is this self employment income to taxpayer? She is
not in the business of renting property (this or others) owned by her, nor
is she in the business of remodeling.
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Posted by GSalisbury on March 8, 2008, 1:36 pm
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> taxpayer has, somewhat reluctantly, agreed to help her mother and aunt
> substantially remodel a small rental bungalow so that it might once again
> be rented. Aunt and mother stand back and do nothing, and taxpayer has
> all the interaction with the contractor, etc. Property is owned by mother
> and aunt, and not at all by taxpayer. Taxpayer will receive a small
> amount for her efforts, say $5,000.00. Is this self employment income to
> taxpayer? She is not in the business of renting property (this or others)
> owned by her, nor is she in the business of remodeling.
> --
I'm not a tax guy but...
Why wouldn't it just be a gift for doing all of the work and move on?
Geo. S.
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<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
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Posted by Seth on March 9, 2008, 1:10 am
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>I'm not a tax guy but...
>Why wouldn't it just be a gift for doing all of the work and move on?
Because you don't get gifts for doing work, you get pay.
Seth
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<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
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Posted by GSalisbury on March 9, 2008, 4:30 pm
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>
>>I'm not a tax guy but...
>>Why wouldn't it just be a gift for doing all of the work and move on?
>
> Because you don't get gifts for doing work, you get pay.
>
> Seth
>
OP said "...agreed to help her mother and aunt ..."
Isn't that family?
Don't families do each other favors?
Families sometimes say thanks presheateit
Geo.
--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
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Posted by Harlan Lunsford on March 9, 2008, 6:49 pm
Please log in for more thread options GSalisbury wrote:
>>
>>> I'm not a tax guy but...
>>> Why wouldn't it just be a gift for doing all of the work and move on?
>> Because you don't get gifts for doing work, you get pay.
>>
>> Seth
>>
>
> OP said "...agreed to help her mother and aunt ..."
> Isn't that family?
Sure thing, that's family. However, it's also income to be reported.
> Don't families do each other favors?
No doubt. I used to do my mother's tax return for free. And I still
do my wife's tax return for free, but without any "quid pro quo",
ifyougetmydrift.
> Families sometimes say thanks presheateit
What does "presheateit" mean?
Ah yes! I went back and said it fast aloud. got it now.
ChEAr$,
Harlan Lunsford, EA n LA
--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
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