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Jul 2, 2020
12:13
:56
pm
msbbm760
Walk-on
I am a tax professor, but he can do as he wants.
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msbbm760
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The Accounting Barro
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msbbm760
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Jul 15, 2008
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Aug 17, 2021
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Messages
Author
Time
Asking advice for a friend who has managed someone’s investments (with edit)
Medute
7/2/20 6:59am
If I were Jill I wouldn't pay anything.
Little Britches
7/2/20 7:02am
Interesting, really?
Medute
7/2/20 7:06am
Here's my reasoning:
Little Britches
7/2/20 7:15am
There is certainly no obligation whatsoever
Medute
7/2/20 7:25am
Wouldn't it be easier to just say "I'm a yewt?"
BYUALWAYSNUM1
7/2/20 8:08am
Do you give your money away to everyone who has helped you out?
Little Britches
7/2/20 9:13am
I’ve never had anyone “help me out” to the tune of $400,000
Medute
7/2/20 9:17am
True. If I knew Bob more than casuallybid go 15k. If it was the equivalent of
Little Britches
7/2/20 9:34am
If I were Bob I wouldn’t accept a gift
Acorn
7/2/20 7:24am
He never expected or asked for a gift
Medute
7/2/20 7:28am
If you were asking for Jill
Acorn
7/2/20 7:39am
Ah.. so the true intentions of the “gift” come out
cougfanz
7/2/20 8:03am
That’s my theory...but Jill did make a statement about the size of the account
Medute
7/2/20 8:10am
I agree he shouldn't expect anything. But if Jill wishes to do something of her own accord then that is up to her. And
unctoothman
7/2/20 5:28pm
If Jill intends this gift to continue to procure Bob’s services
Linescratcher
7/2/20 7:38am
This sounds the most like a lawyer answer
Medute
7/2/20 7:54am
The issue is this:
Linescratcher
7/2/20 8:03am
I’m no lawyer, but I have a hard time seeing how there would be issue with gift
Medute
7/2/20 8:14am
Let's take a stroll down "Worst Case Scenario" lane:
Linescratcher
7/2/20 8:33am
Well that’s certainly a worst case scenario
Medute
7/2/20 8:38am
<< Deleted >>
ditch
7/2/20 11:02am
I have no idea what would be fair, but will Bob manage my investments too?
theOnceler
7/2/20 7:03am
Bob has done very well
Medute
7/2/20 7:14am
Maybe Bob should start a business?
BYUALWAYSNUM1
7/2/20 8:14am
How would your friend claim it as income? That could cause your friend some
MormonThug
7/2/20 7:04am
It would have to be done as a gift within the tax rules ($15,000 per year)
Medute
7/2/20 7:09am
RE: It would have to be done as a gift within the tax rules ($15,000 per year)
MormonThug
7/2/20 7:33am
Well, the tax implications are just that Jill has to report any amount of a gift
basman
7/2/20 8:04am
How close are they? Either party married?
BYUALWAYSNUM1
7/2/20 7:06am
They have worked together for probably 20 years
Medute
7/2/20 7:10am
Send the couple to Hawaii for 3 weeks. Two for quarantine and one for fun.
BYUALWAYSNUM1
7/2/20 7:13am
You can gift someone $15,000 without affecting either one's taxes, so I'd say
Broda
7/2/20 7:07am
The consequence is only that the giver has to report the amount gifted over
basman
7/2/20 8:06am
I think $15-20k
KingDave
7/2/20 7:11am
He didn't even beat just putting it in VTI for 10 years.
Baron
7/2/20 7:12am
Why did my post get a thumbs down? For asking a question?
Medute
7/2/20 7:15am
Thumbs down because the guy did nothing special.
Baron
7/2/20 7:16am
20% annual return when the S&P average was 10% isn’t special?
Medute
7/2/20 7:37am
RE: 20% annual return when the S&P average was 10% isn’t special?
Baron
7/2/20 7:38am
Also your math is wrong
Baron
7/2/20 7:19am
You are right, thanks. I just re-did her S&P numbers
Medute
7/2/20 7:34am
EDIT. I retract my post. I looked at VTSMAX but then compared it with VTI. Move
Baron
7/2/20 7:29am
Yeah, I think Bob is not as much of an outlier as it originally sounded.
d-coug
7/2/20 7:30am
The S&P return over that 10 years was 11.96%
Medute
7/2/20 7:42am
$10-15K. Over a 10 year period that's reasonable
GA_Coug
7/2/20 7:13am
$50k. Oh and good work Bob.
WDaddy
7/2/20 7:16am
This is closer to what I was thinking
Medute
7/2/20 7:21am
Probably nothing but I would thank him.
cougfanz
7/2/20 7:21am
I lightly encouraged people at my former company of 200 employees to invest in a
dYrtbYkerYder
7/2/20 7:26am
If I were Jill I would buy Bob something that means a lot to him
JOPE
7/2/20 7:56am
This is almost exactly what my response has been
Medute
7/2/20 8:02am
I hope you are negotiating a small fee for your role as arbitrator.
AFCougK9
7/2/20 8:05am
Hahaha, now you’re talking!
Medute
7/2/20 8:16am
Will you tell Bob I have $272 and would be happy to enter into a similar
Epileptic Beagle
7/2/20 8:20am
100k. 10% return over ten years is 705k. He added 700k over the an index fund.
valleus
7/2/20 8:46am
If I were Bob, I wouldn't accept anything over a dinner with friends. There is
msbbm760
7/2/20 9:22am
I don’t think I agree
Medute
7/2/20 9:40am
I am a tax professor, but he can do as he wants.
msbbm760
7/2/20 12:13pm
It's no different than a tip for tax purposes. It's income.
msbbm760
7/2/20 12:58pm
I am just so confused. I thought the IRS allowed a person to give a gift
Medute
7/2/20 2:16pm
I’m confused too. Aren’t you allowed to gift any amount, but if it’s over 15k
valleus
7/2/20 2:41pm
It's not a gift when the only reason it is being given is because a service was
msbbm760
7/2/20 4:58pm
I advised them to be careful for the reasons you mention
Medute
7/2/20 5:14pm
Here's an idea. Does Bob have a business he's always wanted to start?
dultso
7/2/20 9:35am
Personally, I don't like Jill's actions here. It seems she is putting Bob in a
delbert
7/2/20 10:01am
Variation on the theme - I want to help my mom manage her $. Best way to do it?
Blue Mountains
7/2/20 10:32am
Things get dicey with family often.
BYUALWAYSNUM1
7/2/20 10:39am
agreed. i'm a glutton for punishment
Blue Mountains
7/2/20 10:47am
No way I'd put myself on the hook if I lost money.
dYrtbYkerYder
7/2/20 1:17pm
I say it depends on how much available cash you have to "give back/share"
ditch
7/2/20 11:16am
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