$40,000 tax free...

[phoenixbass]

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

thanks

[Hos]

Re: $40,000 tax free...

blatant "i've got loads of money" thread imo

[Huggie Smiles]

Re: $40,000 tax free...

just us your address and well sort the rest out - no stress.

[unkownartist]

Re: $40,000 tax free...

[unkownartist]

Re: $40,000 tax free...

blatant "i've got loads of money" thread imo

blatant "i've got loads of money and STILL HASNT CONTIBUTED TO THE BOARD"

imo

[Huggie Smiles]

Re: $40,000 tax free...

blatant "i've got loads of money and STILL HASNT CONTIBUTED TO THE BOARD"

imo

HAHAHA

the title should now read - FAO KAMAL

[picklemonkey]

Re: $40,000 tax free...

I thought you didn't have to pay taxes on that shit? isn't that why people are able to write it off on their taxes?

[skahound]

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

I might be mistaken, sightless should actually be the one to ask in this situation, but that would still imply a sales tax of some kind. If your relative has $40,000 in cash, why not just give you the cash? That way there's a shorter paper trail.

[phoenixbass]

Re: $40,000 tax free...

thanks skahound.......the cash Idea is interesting, but that would be a substantial withdrawal on her part......seems like they would track it ?? There has to be some more educated mature people on this board that could answer ?

[skahound]

Re: $40,000 tax free...

Of course a withdrawal in the amount of $40,000 in one shot might raise some eyebrows if it's not something she does on a normal basis. But 8 withdrawls of $5,000 seems a lot less alarming.

Is she married? Why not have her and her husband do a split gift of $20,000 this year and $20,000 next year? Is it that important to have all $40,000 right now? (Rhetorical question)

[asdf_admin]

Re: $40,000 tax free...

haha. that is funny.

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

[toasty]

Re: $40,000 tax free...

you're evidently about to come into $40,000. For that amount of money, if you're really interested in lowering your tax liability, it would make good financial sense to me to hire a tax attorney to shepherd you through the process rather than relying upon the advice of a bunch of strangers who may or may not know diddly poo on the topic. The money you spend now could save you thousands going forward.

This is thesightless' area of expertise. I'd see if you can get him on retainer.

[beanzncheez]

Re: $40,000 tax free...

Wouldn't it not be taxed if she were dead? Kill her. Death by anal.

[miketpoto]

Re: $40,000 tax free...

Watch the end of brewsters millions... although that might be good for learning how to get rid of it, not to get it.

[skahound]

Re: $40,000 tax free...

Wouldn't it not be taxed if she were dead? Kill her. Death by anal.

See: Estate Tax