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YouTuber MrBeast said he was handing out bundles of $10,000 to trick-or-treaters
Posted on 11/3/22 at 9:21 am
Posted on 11/3/22 at 9:21 am
quote:
when one kid tried to give it back in exchange for candy
quote:
In a separate TikTok posted on November 2, Donaldson could be seen handing what appeared to be iPhone boxes to trick-or-treaters. He gave two boxes to a child dressed in a Minecraft-themed costume, and also handed out what appeared to be a PlayStation and two pairs of Apple AirPods.
Video in Link
13
Posted on 11/3/22 at 9:22 am to DoUrden
How does that work for taxes?
Posted on 11/3/22 at 9:25 am to tiggerthetooth
I’ve wondered this myself. He gives away insane amounts of money.
Posted on 11/3/22 at 9:26 am to tiggerthetooth
quote:
How does that work for taxes?
If he's smart he claims Sovereign Citizen status and doesn't have to deal with it.
Posted on 11/3/22 at 9:28 am to DoUrden
Most of his video's are fake. Contestants from some of his videos have came out and said it was all fake.
Posted on 11/3/22 at 9:29 am to tiggerthetooth
10,000 individual gifts are below the reported gifting threshold of 16,000
Posted on 11/3/22 at 9:30 am to DMagic
Cost of doing business so it would be able to be classified as a normal business expense to offset ad revenue. The money and things he gives away are what people tune it to see and what gives him the views. He was on Rogan and the guy has a very good business acumen.
Posted on 11/3/22 at 9:31 am to tiggerthetooth
quote:
How does that work for taxes?
Anyone can give anyone $16,000 per year (the amount changes annually) and have no impact on taxes.
Further, if you give above that amount, it's then deducted (not sure if that's the right word) from the lifetime gift tax limit:
"This is the total amount—$12.06 million for 2022—you're able to give away tax-free over the course of your lifetime above the annual gift tax exclusion. The exclusion is doubled to $24.12 million for married couples."
So giving out an iPhone and an Xbox and $10,000 cash isn't really a tax issue at all.
Posted on 11/3/22 at 9:31 am to T4
He needs to invest in some Rogaine ASAP
Posted on 11/3/22 at 9:32 am to DMagic
quote:
He gives away insane amounts of money.
he makes an insane amount. he got offered 1 billion for his channels the other day and turned it down because they are worth between 10-20billion based on the ad revenue.
fricking nuts
Posted on 11/3/22 at 9:33 am to DoUrden
quote:
TikTok
quote:
Video in Link
Posted on 11/3/22 at 9:34 am to Ping Pong
I was interested in how he did it..
these guys did a great interview with him.
The Full Story of Mr Beast
fake or not the dude hustles his arse off...
these guys did a great interview with him.
The Full Story of Mr Beast
fake or not the dude hustles his arse off...
Posted on 11/3/22 at 9:34 am to OysterPoBoy
quote:
If he's smart he claims Sovereign Citizen status and doesn't have to deal with it.
Yeah, I'm sure that will stop the IRS right in its tracks.
Posted on 11/3/22 at 9:45 am to lsu777
I’ve seen his subscriber and view counts when my oldest watches his videos. Our parents lied to us when they said we couldn’t make money playing video games
Posted on 11/3/22 at 9:47 am to DoUrden
People are making fortunes off of youtube.
Posted on 11/3/22 at 9:51 am to T4
quote:
Cost of doing business so it would be able to be classified as a normal business expense to offset ad revenue.
For what little its worth, this is an incorrect idea. You can't spend or give away money to save money. It simply doesn't work that way. That logic means that taxes are great then 100%....
You save on taxes by buying "personal" items like a work vehicle or work computer for yourself through your business. But you still pay for it and its still going to cost you more then your taxes, so you would have had more money not buying it at all.
ETA: Sorry for the rant, my mom says that shite all the time. "oh he just wrote it off as a business expense". Its still a fricking expense that costs money.
This post was edited on 11/3/22 at 9:52 am
Posted on 11/3/22 at 9:51 am to lsu777
quote:
he got offered 1 billion for his channels the other day and turned it down because they are worth between 10-20billion based on the ad revenue.
The American Dream is alive and well!
Posted on 11/3/22 at 9:51 am to Damone
quote:
Yeah, I'm sure that will stop the IRS right in its tracks.
The IRS has no jurisdiction over Sovereign Citizens. Educate yourself.
Posted on 11/3/22 at 10:00 am to OysterPoBoy
Weirdly I listened to a podcast with him on recently and he basically said for any of the big stuff he gives away he often buys it back from the person if they don’t want to deal with the taxes. Basically if he gifts someone a car they can sell it back to him and pay the taxes out their share.
He’s an insanely genuine dude, he goes out of his way to make sure the people that he gives this stuff to don’t have any major inconvenience from it.
He’s an insanely genuine dude, he goes out of his way to make sure the people that he gives this stuff to don’t have any major inconvenience from it.
This post was edited on 11/3/22 at 10:01 am
Posted on 11/3/22 at 10:00 am to DoUrden
I will never hate or check this mans pockets as he's helped more folks on YT than probably most actual charities.
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