I need advice. Our accountant is on vacation and we are in a crisis!
I am going to try and explain this the best way I know how.
Hubby's companies accountant told him that instant of gifting the truck to us, they are adding it as income. It will show as extra income on our taxes, to the tune of roughly $30,000.00!!!!!!!!!
Then they will cut us a check for their part of the taxes and then we will pay them.
Does this sound legit to you? I know nothing of this type of thing, so we need help.
NOW, a friend of hubby's told him instead of doing the above...........
have his comapny make him a bill of sale and sale him the truck for $1.00.
Is that legit?