Tiger Woods tax question

[ronald]

How does the IRS treat the hush money that he paid to some of the slutts that he banged? Can he deduct it? Does the recipient have to declare it?

[pat venditto]

Pays off govt officials to let it slide.

[pat venditto]

Everyone has a price in this world. Willie bee would bang jjgold for 2 million i bet.

[Dirty Sanchez]

What business is it of yours? Seriously? Go watch TMZ

[tltaylor89]

Recipent has to declare that money as earned income . Now depending on what they got paid they will be taxed by what bracket that money moved them into.Tiger cannot write this off as a buisness expense note a donation.

[ronald]

So does that mean the IRS gets to tax the money twice? Apparently he paid one mistress $10 million. He was taxed on that $10 million when he made it. Then he gives it to someone as hush money and THEY are taxed on it as well? Doesn't seem right.

Justin7, do you know the answer to this one?

Recipent has to declare that money as earned income . Now depending on what they got paid they will be taxed by what bracket that money moved them into.Tiger cannot write this off as a buisness expense note a donation.

[Naz18]

So does that mean the IRS gets to tax the money twice? Apparently he paid one mistress $10 million. He was taxed on that $10 million when he made it. Then he gives it to someone as hush money and THEY are taxed on it as well? Doesn't seem right. Justin7, do you know the answer to this one?

[big joe 1212]

I think they will count this more as a gift!

Tiger has to pay tax on it and the girl does not.

[ronald]

I think they will count this more as a gift!

Tiger has to pay tax on it and the girl does not.

That seems like the logical way to approach it.

[pavyracer]

http://wills.about.com/od/understandingestatetaxes/qt/gifttaxreturnform709.htm

She has to pay tax. My guess is this was part of the negotiation. For example if she wanted 5 million Tiger gave her 10 million to cover taxes she had to pay and lawyer fees.

[big joe 1212]

http://wills.about.com/od/understand...urnform709.htm

She has to pay tax. My guess is this was part of the negotiation. For example if she wanted 5 million Tiger gave her 10 million to cover taxes she had to pay and lawyer fees.

You provide a link to the gift tax, but you say she has to pay tax?

If you believe it is a gift, then Tiger pays the tax, not her.

[pavyracer]

big joe I'm an engineer not an accountant

[tltaylor89]

So does that mean the IRS gets to tax the money twice? Apparently he paid one mistress $10 million. He was taxed on that $10 million when he made it. Then he gives it to someone as hush money and THEY are taxed on it as well? Doesn't seem right
Justin7, do you know the
answer to this one?

She has to pay taxes as well remeber Tiger earned that money which he had to report and be taxed by the IRS.He then paid the skank the money this is counted and has to be reported to the IRS as earned income.

[big joe 1212]

big joe I'm an engineer not an accountant

just wanted to help you in case you hit it big one day! When this happens, call me! I'll be your accountant. I know several ways to hide money from the IRS!

[Flying Dutchman]

big joe I'm an engineer not an accountant

Pavy, I hope you didn't build any bridges I have to travel over...

[pavyracer]

Pavy, I hope you didn't build any bridges I have to travel over...

I hope the ones I built collapse when your fat ass drives over...