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re: Gift Tax for a yacht?

Posted on 8/28/13 at 2:47 pm to
Posted by PurpleAndGold86
Member since Jun 2012
11036 posts
Posted on 8/28/13 at 2:47 pm to
The person that is receiving the gift does not pay taxes on the item.
Posted by Janky
Team Primo
Member since Jun 2011
35957 posts
Posted on 8/28/13 at 2:51 pm to
Sounds shady.
Posted by LSURussian
Member since Feb 2005
127276 posts
Posted on 8/28/13 at 3:06 pm to
quote:

The person that is receiving the gift does not pay taxes on the item.

As the guy's employee, the IRS might consider it taxable compensation and not a gift.

Somebody illuminate the Poodle signal.....
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