Q: Law suit or cash payment..HELOC check acceptable?
My boyfriend wanted to help me invest my portfolio. I gave him access but with stipulations that we were to talk about each position and I would okay them. I also told him I did not want to lose more than 2500$ of the original 10 k we talked about. He was to always put stops or trailing stops to make sure I never lost more than I was willing to risk. I was very busy in school and he talked to me about a bunch of different strategies and positions I didnt understand and I told him not to put me in anything. He took advantage of me being busy and having access to the account he did what he wanted. He has lost thousands of dollars. I threatened to sue him or criminally charge him if he didnt make me whole. He signed and gave me a blank HELOC check (equity access) to his home. I am worried about taxes if I were to fill this out.
A:
He basically gave you a gift. Don't worry about taxes. Gifts are not taxed. You do not need to worry about taxes.
Wes
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