Friend is making me pay taxes.!!!!!!!!

[scottpuig]

Re: Friend is making me pay taxes.!!!!!!!!

can you post a picture of the famous 60k Piece of glass!!!!!!!

[phoenixbass]

Re: Friend is making me pay taxes.!!!!!!!!

1. Yes, we three found the glass. We figured it was worth $60,000.
2. In NO WAY is this collecting considered a business. NO STATE REGULATION.
3. I am NOT an employee.

So, then......figure that money was my only income for the year, I would be taxed at %15 right ? My friend is worried that it could be as much as %50.

umm... no. you are all wrong if i am assuming the proper idea here.
im the resident accountant here.

answer these so i can get an idea

1. you 3 FOUND the glass? was there a purchase price?
2. in any way, is this collecting considered a business for official purposes. (meaning state regualtion)
3. if so, are you an employee?

4. if not, there is a collective ownership in a investment assest by three persons and not a company. you were paid out in the sense of :"he bought your equity in the asset" you will be taxed on a 1040 form and in no way should you be receiving a 1099.

if his accountant is forcing the 1099 on you. call toasty or rubyraks. you'll neeed a lawyer.

[ddr]

Re: Friend is making me pay taxes.!!!!!!!!

sightless is 100% right.

either way, your 'friend' is a douche and is definitely a shady businessman if he wrote that off on business expense, rofl... im sure his accountant will have something to say about the $40,000 gone to whatever

[Hg_addict]

Re: Friend is making me pay taxes.!!!!!!!!

I may be totally wrong, Im definitley not an accountant nor a lawyer, but doesnt the buyer usually pay the taxes?

For example if one sold a high price collector car, the buyer pays the taxes not the seller.

[DIDI]

Re: Friend is making me pay taxes.!!!!!!!!

I don't think that he would make any money by "making" you pay taxes..He is probably looking out for you because you actually owe taxes on the thing...No?

"Serving" you with a 1099??? I'm no accountant by any means, but to the best of my knowledge, a 1099 is used for bonus wages outside of normal hourly/salary income..

Not sure how tax system works there ! But here he would be making the sale formal so he could claim business expenses.

[Dhar_2]

Re: Friend is making me pay taxes.!!!!!!!!

so in a certain sense your friend screwed u over!

ballache!

[lilsensa]

Re: Friend is making me pay taxes.!!!!!!!!

can you post a picture of the famous 60k Piece of glass!!!!!!!

Yeah! Pics or STFU!!!

[Dhar_2]

Re: Friend is making me pay taxes.!!!!!!!!

never thought about that!!

but a 60k piece of glass!!!

WTF is it???

[phoenixbass]

Re: Friend is making me pay taxes.!!!!!!!!

This glass is analagous to artwork, it is beatiful, handmade and collectible. In some cases only a handful of INTACT examples exist and wealthy collectors are willing to pay thousands.

We recently dug some other glass which our 'friend' felt he deserved although he already has an example of the same exact piece. Consequently an arguement ensued and now he is threatening us with the taxes so we cave and do what he wants.

Another question, my buddy got paid in glass as well as cash. He got $10,000 plus $10,000 worth of glass. No way to tax that glass, right ? Legally I think the glass would be considered a gift ???

[tiddles]

Re: Friend is making me pay taxes.!!!!!!!!

1)is the glass a pipe
2)if yes, what are you smoking?

[phoenixbass]

Re: Friend is making me pay taxes.!!!!!!!!

for all you haters out there......this website will give you a lesson on 19th century utilitarian glass.

www.americanbottle.com

[threehills]

Re: Friend is making me pay taxes.!!!!!!!!

Not hating...but how does a 26yo get into antique bottle collecting? I mean, I enjoy a bottle as much as the next drunk, but never thought to collect them.

[thesightless]

Re: Friend is making me pay taxes.!!!!!!!!

by law he cannot issue you a 1099, he has a problem, tell him to PM me, or have his accountant call me.,

he owes you cash, you can and will be taxed on it as a capital gain from a peiice of investment property, the tax on it will be at a rate for capital gians though. but dont worry, you can esily offset it.

PM if you run into trouble.

[DIDI]

Re: Friend is making me pay taxes.!!!!!!!!

Not hating...but how does a 26yo get into antique bottle collecting? I mean, I enjoy a bottle as much as the next drunk, but never thought to collect them.

I've been involved with antiques on most levels, and believe me collectors start young !! If fact you could say they are born not made

[CactusBeats]

Re: Friend is making me pay taxes.!!!!!!!!

Not sure if this would be considered the same as winnings/prize/contest income. If it is, it could be as high as 50%. If he reported it, then it would be wise to befriend an accountant in your state/country for reliable advice. Bring paperwork, bank statement, anything related.

good luck