I am in a position at this time in my life that challenges me to prove that I have been living off the money (cash) left to me by my father which I never thought I had the obligation to disclose in the first place per his training. My father used to say that I should always deal in cash. His family lost assets after the crash of 1929 and he didn’t like dealing with banks. He kept large sums of money at home and that’s where he saved it. When he died I became the owner of that cash. He always told me that people hoard money because they have a liquidity preference. I.e., people want to have their assets in a readily convertible form, such as money. I have been a musician most of my life and have always been paid in cash. He also left me a large collection of violins that I have been selling off over the years as I needed cash. I always sold them for cash. My records of the transactions are sparse and incomplete and therefore I guess I can’t “prove” anything. How much proof do I need? I have friends who know about my inheritance but would their word be proof to a government entity?
Here’s something you won’t have to worry about documenting: I bet your post gets moved to a different board free of charge!
I have no idea to whom or why you are trying to prove your cash transactions. But this is the wrong forum to get an answer.
I’ll e-mail TubaDiva (tubadiva@aol.com) to get her to move it for you. Don’t start the same thread in a different forum, that is frowned on.
Jim
…and he types well, too, even though he could use help with the concept of paragraphs.
Most droning braggarts on this board don’t look half as good as this guy.
So, where ya come from, Sue?
I’m moving this thread to General Questions.
Please read the forum descriptions before you post again.
Also, I have to tell you, I suspect our leg is being pulled here . . . but in the (slight) chance that you’re legit, here’s my advice to a fellow musician:
- Get a lawyer, one that handles tax issues.
- Get an accountant, possibly through the lawyer, if handled properly, the lawyer-client privilege extends to that relationship as well.
- Tell the absolute truth to both of them.
- Do what they tell you.
Good luck to you.
your humble TubaDiva
Administrator
Careful, sue might shoot you just to watch you die.
Sorry mis-placed my Rosetta Stone for cryptic posts but I’ll bite. Let me guess the IRS has come a knockin’ and said
“Hey “Cash Man” your livin’ large Player lifestyle is at odds with your stated income of $ 200.00 per year. It’s time to pay the piper”.
“But …but… but…I’m tellin’ ya it’s my inheritance dear old Paw left me. My “friends” will vouch for me…” (sounds of scampering feet receding into distance)
“Yeah… yeah… yeah.” Metallic “clink” of stainless steel handcuffs being removed from pocket. Giant golden arm and hammer pound “MARK VII Production” into closing scene… music fades.
In tax situations, the burden of proof lies with the taxpayer. If your testimony simply is “My dad left this cash to me” then anyone else (IRS?) would need to show some reason to believe that you acquired this money from an unreported transaction. This would be especially true if your spending habits changed at the same time as your father’s death.
On the other hand, if you REALLY did inherit this cash, where’s your father’s estate tax return (or will) to show that he left it to you. Perhaps your father avoided paying income taxes on this money? Just because he is dead doesn’t mean that the IRS can’t collect income taxes from his estate.
I think their’s more to this story…