Have you considered treating the moving expenses as a business expense of the business which it will deduct and carry a loss for the current year. Paying employee moving expenses is not uncommon so that will account for a portion of the monies you received. The balance that you receive you can treat as an advance against future salary payments. Reduce your salary going forward to reflect repayment of the loan. You will only have to pay the employment taxes related thereto. Such loans are typically without interest or at best a very low interest rate such as 4%. This can be spread out over 2-3 years. I suspect that the moving expense is the largest chunk of the money so what is left should be readily doable in that time frame since both of you are getting salary and paying back what is owed.
If this answer is responsive to your question, please accept it. That is how we are compensated. It would also be appreciated if you provided feed back on your view of the answer. Finally, if the answer was especially helpful you can provide a bonus. If I can be of further assistance or you have other questions in the future you can ask for me and reach me at this site.
This communication is not intended as legal advice. A local attorney should always be consulted for legal advice. No client/attorney relationship is intended or created by this communication.
DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.
The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).