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re: Best Approach to Accepting Large Cash Gift? What should I do with it?
Posted on 2/8/16 at 3:08 pm to lsupride87
Posted on 2/8/16 at 3:08 pm to lsupride87
quote:
Listen here, when you have a client that pays the gift tax as a donee, fire yourself, your attorney, your secretary, and your mailman because you suck as a CPA
He/she doesn't have a f*cking choice. The IRS has an automatic lien against the property.
Otherwise, drug dealers would just "gift" all their ill-gotten gains to their relatives, not pay the gift tax, and then tell the IRS to go f*ck themselves.
1
Posted on 2/8/16 at 5:52 pm to MMauler
quote:
He/she doesn't have a f*cking choice. The IRS has an automatic lien against the property.
Otherwise, drug dealers would just "gift" all their ill-gotten gains to their relatives, not pay the gift tax, and then tell the IRS to go f*ck themselves.
Rare is the scenario where a donee will be forced to pay taxes on a gift because said taxes weren't received from the donor. In the case of complicit or non-complicit tax evasion, yeah they are going to go after the donee, but 99/100 the donee won't pay a dime of tax unless it was stipulated to do so in a contractual agreement when receiving the gift.
This post was edited on 2/8/16 at 5:53 pm
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