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Do I pay taxes or have to explain to my bank about a 50,000 cash gift deposited in bank?
7 Answers
Ok so I dated rich guy found out he was married threatened to tell his wife broke up with him ignored his calls and a week later I had 50,000 in my bank and a text sorry please don't tell I'll do anything ok so I had this money in my bank and immediately spent it years later my now husband tells me after I told story that I am supposed to pay taxes on it and explain to bank so they don't think I deal drugs lol I'm freaking out someone please tell me what to do I now have kids n family and I couldn't afford to pay 15000 to IRS or end up in jail:( help!!
Answers
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What a pessimist you are, beso ! She's not said " Give me money or I'll tell your wife if you don't" THAT would be blackmail. No, he's sent money of his own volition, a gift to keep her sweet, and hoping that she won't tell. Many a woman, finding out that the man is married, has threatened to tell the wife , perhaps in anger,
16:46 Mon 16th Nov 2009
You have left yourself wide open to a charge of blackmail. Firstly you admit you threatened to tell his wife but now she has left anyway. He is probably hoping to get her back and doesn't miss the money now but should he feel he has lost everything you will be in a dangerous situation.
He could argue that you demanded the $50,000. Why else would he be so generous. You may find youself having to prove you did not blackmail him and he later had second thought aboutsecumbing to blackmail. He could get the $50,000 back and you could end up in jail on a very serious charge.
He may be a bitter, vindictive and very influencial man with a clever way to get back at your original threat and perhaps a perception that you ruined his marriage. The money is not a big risk to him as he is rich and he would not have gotten that way by being a fool.
I would seriously consider that giving him the money back could be part of the best outcome. However before I did another thing I would seek professional legal advice or you are not going to sleep well over this. I can see you are worried and I am sorry to have to give you another concern.
Sounds like a great plot for a movie doesn't it. :-)
He could argue that you demanded the $50,000. Why else would he be so generous. You may find youself having to prove you did not blackmail him and he later had second thought aboutsecumbing to blackmail. He could get the $50,000 back and you could end up in jail on a very serious charge.
He may be a bitter, vindictive and very influencial man with a clever way to get back at your original threat and perhaps a perception that you ruined his marriage. The money is not a big risk to him as he is rich and he would not have gotten that way by being a fool.
I would seriously consider that giving him the money back could be part of the best outcome. However before I did another thing I would seek professional legal advice or you are not going to sleep well over this. I can see you are worried and I am sorry to have to give you another concern.
Sounds like a great plot for a movie doesn't it. :-)
If we are now 'years later', I would suggest that probably nothing is going to happen.
Your bank would have asked you, at the time, where the money was from and it sounds like it was a direct transfer rather than cash, or a cheque, which are the 'suspicious' transactions.
Your 'victim' stumped up the cash and, presumably, has never contacted you again, nor you, him. Keep it that way.
Quite what your tax liabilities are you'll need to discuss with someone more conversant with American law. But if you claim that it was a gift, obviously a very generous one, do you pay taxes on gifts ?
Your bank would have asked you, at the time, where the money was from and it sounds like it was a direct transfer rather than cash, or a cheque, which are the 'suspicious' transactions.
Your 'victim' stumped up the cash and, presumably, has never contacted you again, nor you, him. Keep it that way.
Quite what your tax liabilities are you'll need to discuss with someone more conversant with American law. But if you claim that it was a gift, obviously a very generous one, do you pay taxes on gifts ?
What a pessimist you are, beso ! She's not said " Give me money or I'll tell your wife if you don't" THAT would be blackmail. No, he's sent money of his own volition, a gift to keep her sweet, and hoping that she won't tell. Many a woman, finding out that the man is married, has threatened to tell the wife , perhaps in anger,perhaps hoping the man won't leave her, perhaps for some other reason or none.
Nothing will come of it as far as he's concerned. Many a rich man has given a substantial gift to his lover on parting. He's not complained of blackmail. Here the Crown Prosecution Service would not entertain a charge even if he was unwise enough to complain now, because there would be no reasonable prospect of conviction
'
Here in the UK she'd pay no tax, as it's a gift.
I too don't know what American law is . It may be there's a gift tax. If not , then she has an explanation for the money. One which, incidentally, quite a lot of women uset. Few men are that lucky, that married women give them money ! Seems unfair to me !
Nothing will come of it as far as he's concerned. Many a rich man has given a substantial gift to his lover on parting. He's not complained of blackmail. Here the Crown Prosecution Service would not entertain a charge even if he was unwise enough to complain now, because there would be no reasonable prospect of conviction
'
Here in the UK she'd pay no tax, as it's a gift.
I too don't know what American law is . It may be there's a gift tax. If not , then she has an explanation for the money. One which, incidentally, quite a lot of women uset. Few men are that lucky, that married women give them money ! Seems unfair to me !
Thank u guys so much for the help. I gues it's more complicate then I lead off in the email breaking up w him threating that I should tell her I told him how wrong to say Hed always take care of me so I can see how it could come off as black mail but honestly e called me several times after left texts and voicemail sayin he still wants to see me he missed me but I ignored it n moved on it's been 3 years n he has reached out to have something w me again n of course I said no for fear he might want to see me for revenge I'm just worried if I owe these taxes how do I go bout Payin it w no money and if he owes the taxes how will he get away w that being married....I'm just scared that when his wife finds out he'll want to punish me or press charges. Can he dothat 3 years later I he still has email n I still uve proof that he been wanting to be w me again
help
help
Basically I hve a family now and I cant afford to lose that but I fear if he loses his it'll be mine that he'll be out to destroy I just fear the day she does find out bout the money n he gets punished he will want to do the same to me sooo what should I do take his offer and be friends as scary as that is n wrong to my husband should I talk n try to reason w him n come up w real aggreement I'm so scared n confused I need advice on that standpoint and also on the money put in my account I never paid taxes on this a nightmare that's come to haunt me a stupid break up to all of this aahhhhhh
ive gotten so parenoid it's ridiculous
ive gotten so parenoid it's ridiculous
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