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Posted on 1/14/22 at 7:45 am to DarthRebel
quote:
The sad part of the story is you all choose to live somewhere you have to pay for private school.
That is a Southern thing that has always been weird and you accept it.
We are racists no matter what. If we leave it's "white flight" - if we stay and try and provide a good education for our kids then we are still chastised.
Posted on 1/14/22 at 7:46 am to TigerV
quote:
Great idea, but going to be one hell of a tax bill. Hope he talked to an accountant about how to do this over the entire time period to reduce the taxes
Care to elaborate?
Unless he and his wife are worth more than $24 million (doesn't sound that way), he doesn't have to worry about estate or gift taxes.
If you're talking about income taxes, if he gifted the underlying stock account that appreciated over time, then sure, she'll have to pay capital gains tax when she takes it out. BUT, had the father not gifted the daughter the account, then he would have had to pay taxes on it and he may be in a higher bracket (without considering the kiddie tax).
If it's just been earning interest all of these years, then the dad has already paid the taxes on that money and he's gifting her the full $275K and there will be no tax due.
So, under any scenario, there will not be "one hell of a tax bill" that results from his gifting his daughter this money.
This post was edited on 1/14/22 at 7:48 am
Posted on 1/14/22 at 7:46 am to NPComb
Yea I wouldve ended up spending all that extra money each year on guns ammo soft drinks and mexican food.
Good for him. Guess I'll just continue my path of not as cool a dad
Good for him. Guess I'll just continue my path of not as cool a dad
Posted on 1/14/22 at 7:47 am to nikki6
He should have donated it to a low income minority family.
It could have helped break the cycle of debt and poverty.
Or funded a challenger.
It could have helped break the cycle of debt and poverty.
Or funded a challenger.
Posted on 1/14/22 at 7:48 am to GreatLakesTiger24
quote:
imagine basing where you live on the quality of government schools
What? That’s pretty common. In fact, wife and I are looking exactly at public schools as a priority for our new location
This post was edited on 1/14/22 at 7:51 am
Posted on 1/14/22 at 7:48 am to nikki6
What a gift of a child ! That story is about the young lady not her dad that saved the money she saved him.
Posted on 1/14/22 at 7:49 am to nikki6
$7k/yr does not equate to $275k unless he more than doubled the money he put in.
Posted on 1/14/22 at 7:49 am to TigerV
quote:
Great idea, but going to be one hell of a tax bill.
You can gift $14k or more a year tax free. Assuming the dad is married, they can give their daughter $28k or more combined a year tax free. And it's a lietime thing.
quote:
The gift tax only kicks in after lifetime gifts exceed $11.7 million in 2021
The first thing to know about the federal gift tax is that gift givers—not gift recipients—have to pay it. Thankfully, you won’t owe the tax until you’ve given away more than $11.7 million in cash or other assets during your lifetime. The lifetime exclusion was raised to $11.7 million in 2021.
If you’re married, your spouse is entitled to a separate $11.7 million in 2021. So, actually owing the gift tax is not a concern for most folks. But you may still have to file gift tax returns even though you don’t owe any tax.
Posted on 1/14/22 at 7:50 am to GreatLakesTiger24
quote:
imagine basing where you live on the quality of government schools
Yea, the good schools are almost universally in good areas where you'd want to raise a family anyway. What a stupid decision I've made.
Posted on 1/14/22 at 7:50 am to nikki6
so, she was basically rewarded for working hard and getting good grades in school, earning scholarships and pretty much paying her own way through college?
imagine that!
imagine that!
Posted on 1/14/22 at 7:51 am to Rouge
quote:
I would want that money working for me in a different way, but to each their own.
If she put it on her home in a strong residential market, it's a solid investment and really sets her up for life with home equity.
Posted on 1/14/22 at 7:51 am to TeddyPadillac
quote:
$7k/yr does not equate to $275k unless he more than doubled the money he put in.
SMU costs a tad more than $7ka year
Hell, 15 years ago LSU tuition only was more than that.Posted on 1/14/22 at 7:51 am to nikki6
Hypothetical: 4 years of high school plus 4 years of college, father gifts $15,000 per year plus mother gifts $15,000 per year = $240,000 gift tax free. $240,000 before any interest, dividend, etc.
Note that I don’t think the tax free gift tax limit has been $15,000 for the last 8 years but you get the idea.
Note that I don’t think the tax free gift tax limit has been $15,000 for the last 8 years but you get the idea.
Posted on 1/14/22 at 7:51 am to GetCocky11
quote:
quote:
quote:
it is a Louisiana thing.
No, they do it in Mississippi as well.
Ah I see. Probably goes back to when the white people got pissed off when the government desegregated the schools.
Ehh, Mississippi has a lot of what would be considered “segregation academies.” (Yes, Louisiana has a few of those too.). However, in Louisiana, especially South Louisiana, it’s a bit more complicated, as many places established Catholic schools before public schools were even a concept.
Posted on 1/14/22 at 7:53 am to LNCHBOX
quote:
You can gift $14k or more a year tax free.
It's $16K for 2022. For 2018-2021, it was $15k.
quote:
The gift tax only kicks in after lifetime gifts exceed $11.7 million in 2021
For 2022, it's $12.06 million. For a couple, it's $24.12 million.
Posted on 1/14/22 at 7:53 am to LNCHBOX
there was a tranny teacher in the 70448 10 years ago bro. there are no good public schools.
Posted on 1/14/22 at 7:54 am to kywildcatfanone
quote:
Now if she blows it on coke and an entourage, then he made a bad move giving her cash.
If? You remember being 22, no?
Posted on 1/14/22 at 7:55 am to GetCocky11
quote:
Ah I see. Probably goes back to when the white people got pissed off when the government desegregated the schools.
A LOT of the private schools in LA and MS are Catholic schools where religion is taught every year.
I’m not saying integration had nothing to do with it, but a ton of the private schools in LA predate it significantly.
Posted on 1/14/22 at 7:55 am to GreatLakesTiger24
quote:
there was a tranny teacher in the 70448 10 years ago bro. there are no good public schools.
Oh no, one tranny 10 years ago. I could go on and on listing the creeps that teach at "good" private schools as well.
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