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Posted on 2/8/16 at 2:12 pm to lsupride87
You're still wrong. If the donor doesn't pay the taxes, then the IRS will be coming after the donee.
eta: I will now bow out of the pissing contest in which I was correct
eta: I will now bow out of the pissing contest in which I was correct
This post was edited on 2/8/16 at 2:13 pm
Posted on 2/8/16 at 2:13 pm to TheOcean
Both those statements can be true. I'm not sure what you are trying to prove.
Posted on 2/8/16 at 2:13 pm to TheOcean
quote:
If the donor doesn't pay the taxes, then the IRS will be coming after the donee.
You want to keep making up stuff? 
Posted on 2/8/16 at 2:13 pm to Green Grass Miracle
quote:
So could I technically get $14K and my wife get $14k in the same year and be exempt if we file taxes jointly?
Just be careful. Consider the state of your marriage before you do this.
I'm not sure about all states, but in community property states gifts are considered separate property. So, if your uncle gives you the $14K every year, that $14K is YOURS as your separate property in the case of a later divorce. Just be sure not to commingle it and trace where it goes (i.e., to pay off portion of house). If he also gives your wife $14K, then that is HERS. She takes it in a divorce -- even if it's 20 years later.
As far as the $14K amount, how much your uncle gives you on a yearly basis is irrelevant to you. However, if he gives you more than $14K then he'll have to file a gift tax return. Unless he's worth more than $5.45 million ($10.9 million if he's married), then it's no big deal. He simply files the gift tax return and takes the amount over $14K from the $5.45 million amount. Unless he eventually becomes worth more than $5.45 million, it will never really effect him.
For you, there are no effects. Gifts are generally not taxable to the recipient no matter how large.
Like I said, though. Be safe and separate those funds in a separate account and keep records of exactly how you spend them. You never know when your wife just might start craving the BBC.
Posted on 2/8/16 at 2:14 pm to TheOcean
quote:
You're still wrong. If the donor doesn't pay the taxes, then the IRS will be coming after the donee.
???? That does not jive with this:
quote:
The donor is generally responsible for paying the gift tax. Under special arrangements the donee may agree to pay the tax instead. Please visit with your tax professional if you are considering this type of arrangement.
So where are you getting your info from?
Posted on 2/8/16 at 2:15 pm to Green Grass Miracle
quote:He is wrong
???? That does not jive with this:
quote:Take a sharp left turn at His arse avenue
So where are you getting your info from?
Posted on 2/8/16 at 2:15 pm to lsupride87
quote:
quote:
If the donor doesn't pay the taxes, then the IRS will be coming after the donee.
You want to keep making up stuff?
Actually, that can happen. It's called transferee liability.
Posted on 2/8/16 at 2:15 pm to TheOcean
quote:
You're still wrong. If the donor doesn't pay the taxes, then the IRS will be coming after the donee.
How would the IRS ever know about the gift? Serious question.
Posted on 2/8/16 at 2:16 pm to lsupride87
quote:
Unpaid Taxes
If the person who gives you a gift doesn’t pay the taxes that are due on it, the IRS can attempt to collect the taxes from you. The IRS has a wide range of collection actions, which can include eventually placing a tax lien against you, although this usually happens only after it has contacted you and tried to find another solution. Tax liens are to be avoided as they can appear on your credit report and damage your ability to borrow money.
LINK
Don't feel like looking it up in the code. But it be in dere.
Posted on 2/8/16 at 2:17 pm to MMauler
quote:Actually, no. The IRS will do what they can to get the donor and donee in court to amicably come up with a situation to get compensated, but they can not force a tax upon an individual who is not responsible. Transferee liabilty will not come into play here at all.
Actually, that can happen. It's called transferee liability.
quote:
ransferee at law arises when a person/entity is responsible for the transferor's tax liability because of a contractual agreement with the transferor. In this situation, a valid contract must exist and the government must prove that the tax liability was within the terms of the contract
Posted on 2/8/16 at 2:17 pm to LSUfan20005
quote:
How would the IRS ever know about the gift? Serious question.
Not touching that one
I'm sure poodle/houston will chime in at some point
Posted on 2/8/16 at 2:20 pm to LSUfan20005
quote:
How would the IRS ever know about the gift? Serious question.
Anything above $14K and the donee is required to file a gift tax return.
If not, the IRS can find it on an audit of the estate tax return. If the donor isn't worth more than $5.45 million ($10.9 for couples), then they probably will not file an estate tax return and the IRS will never know.
Posted on 2/8/16 at 2:21 pm to MMauler
quote:Correct.
If not, the IRS can find it on an audit of the estate tax return. If the donor isn't worth more than $5.45 million ($10.9 for couples), then they probably will not file an estate tax return and the IRS will never know.
quote:Pretty much never happens
Anything above $14K and the donee is required to file a gift tax return.
I could count on 1 hand how many times I have seen people actually file thisPosted on 2/8/16 at 2:29 pm to lsupride87
quote:
Actually, no. The IRS will do what they can to get the donor and donee in court to amicably come up with a situation to get compensated, but they can not force a tax upon an individual who is not responsible. Transferee liabilty will not come into play here at all.
Hey F*CKWAD, quit making a complete f*cking a$$ of yourself.
quote:
6324(b) Lien For Gift Tax
Except as otherwise provided in subsection (c), unless the gift tax imposed by chapter 12 is sooner paid in full or becomes unenforceable by reason of lapse of time, such tax shall be a lien upon all gifts made during the period for which the return was filed, for 10 years from the date the gifts are made. If the tax is not paid when due, the donee of any gift shall be personally liable for such tax to the extent of the value of such gift.
***
quote:
I could count on 1 hand how many times I have seen people actually file this
Because very few people are in an estate tax position. Those that are file the f*cking return to get the statute of limitations running - mainly for valuation purposes.
PLEASE, PLEASE, PLEASE tell me you aren't a CPA or lawyer.
This post was edited on 2/8/16 at 2:33 pm
Posted on 2/8/16 at 2:31 pm to MMauler
Thanks for looking it up
Posted on 2/8/16 at 2:34 pm to TheOcean
What has happened to the Money Board?
Posted on 2/8/16 at 2:40 pm to TheOcean
This is still ridiculous. Most likely the guy won't owe any taxes on it. There's probably very little reason to worry about the 14-15k per year exemption. I don't know why this turned into such a ridiculous argument.
Posted on 2/8/16 at 2:47 pm to VABuckeye
Solid advice was given by posters. Someone came in and took a shite over all the advice--and that person happened to be completely incorrect. Pissing match ensued.
Posted on 2/8/16 at 2:50 pm to TheOcean
quote:The first 5-6 posts were all about how the donee can stay away from the tax. Someone pointed out that is incorrect. You were a dickwad. You then crawfished. You suck. Game over
Solid advice was given by posters. Someone came in and took a shite over all the advice--and that person happened to be completely incorrect. Pissing match ensued.
This post was edited on 2/8/16 at 2:53 pm
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