$40,000 tax free...

[thesightless]

Re: $40,000 tax free...

haha. that is funny.

anything over $12,000 ... you gotta pay tax. you are fucked kind sir.

ACTUALLY NO> ill write something up when i can pull the code. but family members are allowed to gift monies. you pay imputed interest though in certain situations.

[Yao]

Re: $40,000 tax free...

I think it's bullshit to tax gifts, which are usually money that has already been taxed when it was earned. fucking hate that leeching...just like they tax your savings when they exceed a certain amount on your savings account: in fact you pay tax up to 2 times at least just by getting your salary and spending it (think VAT for example...). Over here they're taxing pensioner's income too...money that has already been taxed when it was earned as well. I just hope they don't start taxing for having sex (which they do if you have safe sex because you pay VAT over the rubbers you buy.

F__K

[thesightless]

Re: $40,000 tax free...

the US tax code, in itself, is larger than the trifecta of the US criminal, civil and trust/estate code(probate)

[thesightless]

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.

[3ibb3]

Re: $40,000 tax free...

you can give family members 10,000 as a gift tax free yearly but on 40,000 you are screwed

[thesightless]

Re: $40,000 tax free...

the annual amount is 12K currently, it was changed in bush's first tax code revamp.(yeah, he did something smart, i know i know). but yes, he really isnt in any trouble with the tax.

[phoenixbass]

Re: $40,000 tax free...

thing is gift tax can be as high as %50..........so it's obivous I should figure out a way around it.

anyone have a clue what the tax would be on this amount ?

[skahound]

Re: $40,000 tax free...

Read sightless' post above. He mentioned that you can file for an exemption but you should hire an attorney. Well, if you've got 40k coming to you then get off your ass and do it already.

[picklemonkey]

Re: $40,000 tax free...

secondthat. if you can save 20k, i'd say $500 is worth it

[thesightless]

Re: $40,000 tax free...

yeppers. but you dont need an attorney per se. if your family uses a remotely reputable accountant, you are fine.

[skahound]

Re: $40,000 tax free...

reputable accountant

Bit of an oxymoron don't you think?

[thesightless]

Re: $40,000 tax free...

no. some of us go by the book when needed. also, i stopped caring about humanity some time ago so i dont feel bad telling people they owe money or are in trouble, like a certain client who's crystal problem lead to him not being able to pay his tax bills and the NYS seizing his assests. i did everything but pay his shit, i dont feel bad.

[asdf_admin]

Re: $40,000 tax free...

are you sure it's not 12,000? can you fax me the legal documents?

here : 1-800-BULSHIT.

[skahound]

Re: $40,000 tax free...

are you sure it's not 12,000? can you fax me the legal documents?

here : 1-800-BULSHIT.

He said it's 12,000.

[FM]

Re: $40,000 tax free...

no. some of us go by the book when needed. also, i stopped caring about humanity some time ago so i dont feel bad telling people they owe money or are in trouble, like a certain client who's crystal problem lead to him not being able to pay his tax bills and the NYS seizing his assests. i did everything but pay his shit, i dont feel bad.

good call. It's their problem not yours. They don't like it tell them to go elsewhere for their accounting...same results will apply.