2112
02-09-2007, 03:49 PM
It seems the hobo/head coach has some explaining to do to the IRS.
Thursday, February 8, 2007
Bill Belichick’s generosity to his married galpal could cost him a personal foul from the IRS.
As we told you yesterday, the New England Patriots head coach reportedly sent cash and other goodies to Sharon Shenocca totaling more than $80,000. The bequests include cash payments of $3,000 a month for more than two years and paying the $25,000 tab to rent her a house on the Jersey Shore for the summer. Additionally, Belichick purchased a $2.2 million house in Brooklyn, N.Y., which attorneys for Shenocca’s estranged hubby believe he bought for Sharon.
All of which is great for Sharon but not so great for Bill - if he failed to report the gifts to Uncle Sam.
“It’s an issue,” said Art Ford, a CPA with Sullivan Bille P.C. “There are potential gift tax ramifications.”
According to the tax laws, Belichick is allowed to make a gift of up to $12,000 to any individual in any tax year. He is also allowed to gift up to $1 million total over his lifetime. Anything over that is taxable.
IRS rules would require Belichick to file a Form 709 Gift Tax Return reporting how much he gave and to whom he gave it so that the government can be sure he doesn’t exceed his lifetime exemption.
“The devil is in the details,” said Ford.
Sharon, as the recipient of the gifts, would owe no tax. But if Belichick did, in fact, make her a co-owner of the house in Brooklyn, that could wipe out his $1 million lifetime exemption and he’d need to pay the tax man.
Belichick, as you know, has been named The Other Man in the Shenocca divorce. New Jersey construction worker Vincent Shenocca claims that his bride of 10 years has “committed adultery” with Belichick, who is footing the bills for the blond, 41-year-old mother of two’s “extravagant lifestyle.”
http://thetrack.bostonherald.com/moreTrack/view.bg?articleid=181790
Thursday, February 8, 2007
Bill Belichick’s generosity to his married galpal could cost him a personal foul from the IRS.
As we told you yesterday, the New England Patriots head coach reportedly sent cash and other goodies to Sharon Shenocca totaling more than $80,000. The bequests include cash payments of $3,000 a month for more than two years and paying the $25,000 tab to rent her a house on the Jersey Shore for the summer. Additionally, Belichick purchased a $2.2 million house in Brooklyn, N.Y., which attorneys for Shenocca’s estranged hubby believe he bought for Sharon.
All of which is great for Sharon but not so great for Bill - if he failed to report the gifts to Uncle Sam.
“It’s an issue,” said Art Ford, a CPA with Sullivan Bille P.C. “There are potential gift tax ramifications.”
According to the tax laws, Belichick is allowed to make a gift of up to $12,000 to any individual in any tax year. He is also allowed to gift up to $1 million total over his lifetime. Anything over that is taxable.
IRS rules would require Belichick to file a Form 709 Gift Tax Return reporting how much he gave and to whom he gave it so that the government can be sure he doesn’t exceed his lifetime exemption.
“The devil is in the details,” said Ford.
Sharon, as the recipient of the gifts, would owe no tax. But if Belichick did, in fact, make her a co-owner of the house in Brooklyn, that could wipe out his $1 million lifetime exemption and he’d need to pay the tax man.
Belichick, as you know, has been named The Other Man in the Shenocca divorce. New Jersey construction worker Vincent Shenocca claims that his bride of 10 years has “committed adultery” with Belichick, who is footing the bills for the blond, 41-year-old mother of two’s “extravagant lifestyle.”
http://thetrack.bostonherald.com/moreTrack/view.bg?articleid=181790