Clik here to view.
By: broknowrchlatr
I agree, it is absurd. There are also so many loopholes that make it dumb that such a thing exists. 1) Married and want to give another couple money? Give the Man $12k and the Woman $12k on Dec 31st....
View ArticleBy: dong
I think Kurt makes a great point. The main reason for th Gift Tax is to allow enforcement of other taxes, mostly Estate and Income. When you start arguing about taxes it becomes an extremely slippery...
View ArticleBy: D
I agree with your theory of double taxation. I see others pointed out the limits were higher than your post. Just thought I’d give you a link to the IRS where you can verify....
View ArticleClik here to view.
By: LAMoneyGuy
A note to those suggesting that the creation of a trust will avoid gift taxes. Talk to your local estate attorney. The most common type of trust that individuals and families draft, the revocable...
View ArticleBy: Chris
For more information about the gift tax, the IRS site has a helpful brochure http://www.irs.gov/pub/irs-pdf/p950.pdf A married couple can make a $24,000 gift to anyone without tax liability. In...
View ArticleBy: Tim
correct about trusts. same goes for any other thing you are trying to not pay tax on…seek pro advice. there are many things you can do to avoid gift and estate taxes. if you have substantial assets...
View ArticleBy: Brandon
I have to disagree. Although I think the present tax system is far too complex, a gift tax is no more absurd than a wage tax or a sales tax. All three tax the transfer of financial wealth from one...
View ArticleBy: Cara
Another loophole would be for them to sell you something. A personal sale of any cheap little trinket. I’ve personally never had the gift tax situation, but a few others in which gift giving was not...
View ArticleBy: Herb the Swamp Rat
I completely agree with you that the Gift Tax is pure nonsense. Along with many other Taxes where the Government ask for a portion of our money. The Great news is, there is a very easy way to get...
View ArticleBy: Dark Space
That’s silly logic. If you’re trying to get around paying the house cleaner taxes, just pay them in cash and don’t report it – why would you try to disguise it as a gift?
View ArticleBy: Daryl
What happens after you hit your million dollar limit? what is the tax rate on the gift then?
View ArticleBy: cubiclegeoff
I could be wrong, but I believe it’s your income tax rate. Except if it’s part of an estate.
View ArticleBy: Over Taxed
No — I it is not silly — IT IS UNFAIR! I work hard my whole life, and I pay a LOT of taxes on my estate. I pay income tax on every penny I earn to buy my stuff. I pay property tax. I pay sales tax. I...
View ArticleBy: Over Taxed
Consumption taxes — that is the right and fair way to do it. More than that, it is simple for the people and for the government. Too bad politicians don’t want simple. Further, it can be implemented...
View ArticleBy: Over Taxed
OK, so let’s forget about dollar amounts and examine this rationally. First, let’s keep in mind that the company you work for does not pay tax on the wage they pay you. It is a tax-deductible expense...
View ArticleBy: Over Taxed
That would be tax fraud. But how bout this. Go get $500 face value legal tender collectable or precious metal containing coins. Give the $500 to whoever you want. Kindly suggest they may want to sell...
View Article