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Showing content with the highest reputation on 11/01/2024 in Posts

  1. Curious why son wants to be paid for time spent working on house - is he trying to get part of the money or trying to save mom some taxes? Wondering if he realizes that if he gets paid for his time working on the house it would be considered self employment income and he would have to pay income and SE tax on that money. Might make getting paid a little less attractive to him, depending on the bracket he is in if he realizes he will be paying half or better in tax.
    2 points
  2. He could get the same amount of the inheritance without taxes and SE tax if he takes it as inheritance instead of payment for work
    1 point
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