$40,000 tax free...

[Kamal]

Re: $40,000 tax free...

so how can my relative give me $40,000 without paying gift tax ? Maybe she buys something and I sell it ???

thanks

The bottom line is that you have access to the funds, whether it stays in her possession or not.

So why not open a joint (in yours and your aunts name) checking/savings account, you get a visa check card and use the money at leisure/your own free will. No need for hiring anyone in that case, no wire transfer of funds/hand out of cash AND you have direct access to the money. Moreover, with that much of a balance in the bank, if / when you need to have access to the money, just get a loan and show the bank you have access to this money. That might need a little advise from a tax accountant but is the safest way ahead imo

[thesightless]

Re: $40,000 tax free...

or just have do it the old fashioned italian way. take it out in cash and hand it over and keep the cash in the freezer.

[Kamal]

Re: $40,000 tax free...

or just have do it the old fashioned italian way. take it out in cash and hand it over and keep the cash in the freezer.

I think they went over that option earlier in the thread, withdrawing cash that amount would definitely raise eyebrows

[shan]

Re: $40,000 tax free...

ok, back in office, you can file for a ""ONCE IN A LIFETIME"" tax exemption for up to 100K from a family member. must be aunt, uncle, grandaparent or parent. nothing else. (laws of adoption supercede any tax code here in purpose of ""family member"")

you should hire an attorney in your state or PM and hire us.(we arent cheap though).

there is paperwork for it, but i dont work for free unless your name is steve and you dont like paying ppl.

I remember this from shawshank redemption

[thesightless]

Re: $40,000 tax free...

lol, i learned somewhere else.

[shan]

Re: $40,000 tax free...

well in shawshank it was only up to 35k but that was years ago

sorry 60k

[phoenixbass]

Re: $40,000 tax free...

joint account idea sounds interesting......wonder if I could transfer money from the joint account to my personal account.....hmmmmm.......I really need to talk to an accountant...haha

thanks

[beanzncheez]

Re: $40,000 tax free...

Why don't you just fuck her and then marry her?