Awful Greece, NY Children torture elderly bus monitor lady

[shmike]

Originally Posted by derf

Forbes doesnt think so. But I bet to differ. It depends how the guy who set up the fund gives her the money. If the guy gives her the money at once then it gets taxed at 45%. Then what if any of the money comes from a foreign source? That winds up being taxed as a gift at a different rate with a different minimum amount before it gets taxed. What she really needs to do is take some of that money and spend it on a really good tax lawyer.

http://www.forbes.com/sites/kellyphi...ort-confusion/

You got all that nonsense from the article you posted?

The article says this:

There is no federal income tax due to Klein on these donations. They are gifts. There’s no consideration given in return, no services rendered, no products being touted. The IRS defines a gift as “any transfer to an individual, either directly or indirectly, where full consideration (measured in money or money’s worth) is not received in return” based on the gift tax provisions found in the Tax Code beginning at section 2501. In the business, we like to say that gifts are given not for anything in return but out of “love, affection, respect or admiration.”

which is the right answer.

[Gas Man]

Well at the very least, the kids are cussing so that will get them some good suspension.

[derf]

Originally Posted by shmike

You got all that nonsense from the article you posted?

The article says this:

which is the right answer.

They are looking at out from the angle that it is a lot of small gifts. If the guy gets the money first and them gives it to her then it gets counted as 1 big gift, hence it gets taxed. If it goes to her a many small gifts then they need to determine what the minimum amount for a foreign gift is, its pretty Lowe if I remember, something like $100. Any foreigners.who may have donated to her might be taxed even though the donors from the us don't. The tax code is big.

The point is that she needs a good tax professional because ranges on shit like this is pretty complicated and I would beer willing to Betty the Ira wouldn't be able to figure it out

[shmike]

Originally Posted by derf

They are looking at out from the angle that it is a lot of small gifts. If the guy gets the money first and them gives it to her then it gets counted as 1 big gift, hence it gets taxed. If it goes to her a many small gifts then they need to determine what the minimum amount for a foreign gift is, its pretty Lowe if I remember, something like $100. Any foreigners.who may have donated to her might be taxed even though the donors from the us don't. The tax code is big.

The point is that she needs a good tax professional because ranges on shit like this is pretty complicated and I would beer willing to Betty the Ira wouldn't be able to figure it out

Still won't be taxed (unless it exceeds $5 million or the guy giving it to her exceeds that amount with other gifts).

Even if it was (which it won't be), gift taxes fall upon the donor, not the recipient.

If it was taxed (which it won't be) and the (single) donor worked out an arrangement to have her pay the taxes (which would be unnecessary since it won't be taxed); even then, she would owe 35%, not 45%.

But she won't.

[Captain Morgan]

Originally Posted by shmike

Still won't be taxed (unless it exceeds $5 million or the guy giving it to her exceeds that amount with other gifts).

Even if it was (which it won't be), gift taxes fall upon the donor, not the recipient.

If it was taxed (which it won't be) and the (single) donor worked out an arrangement to have her pay the taxes (which would be unnecessary since it won't be taxed); even then, she would owe 35%, not 45%.

But she won't.

But the donor needs to be careful, because under IRS regulations, you can only give up to $13,000 to any one individual in a calendar year. So yes, the gifts need to be broken down as to who they came from, because any gift over 13k is taxed. However, as you stated, the donor is the one that pays the tax, not the recipient.

[shmike]

Originally Posted by Captain Morgan

But the donor needs to be careful, because under IRS regulations, you can only give up to $13,000 to any one individual in a calendar year. So yes, the gifts need to be broken down as to who they came from, because any gift over 13k is taxed. However, as you stated, the donor is the one that pays the tax, not the recipient.

How many of those donations do you think were over $13k?

Anything up to $13k is "off the books."

From $13,000.01+ you will need to file a gift tax return but won't incur any taxes until you cross the $5 million lifetime exemption.

P.S., that $13k exclusion is doubled if the donor is married, so many cases could give $26k with no additional paperwork required.

Again, this all falls on the donor. If you can afford to give some random lady from the internet more than $13k (or $26k) because she got picked on, you should already know these rules.

[Captain Morgan]

Originally Posted by shmike

How many of those donations do you think were over $13k?

Anything up to $13k is "off the books."

From $13,000.01+ you will need to file a gift tax return but won't incur any taxes until you cross the $5 million lifetime exemption.

P.S., that $13k exclusion is doubled if the donor is married, so many cases could give $26k with no additional paperwork required.

Again, this all falls on the donor. If you can afford to give some random lady from the internet more than $13k (or $26k) because she got picked on, you should already know these rules.

I agree with you, but my point was that if just one guy collects all the money, then writes the check to this woman for the entire amount, it may very well get looked at. Obviously, he needs to be smart and keep transaction records of the donations to prove that he didn't personally give the lady all the money from his own pocket. It doesn't seem like the guy who started the donation fund would have to worry about ever exceeding the 5mil mark, but who knows what could happen in the future. He may still have to fill out the form. The IRS doesn't use a lot of common sense when it comes to these things and it could end up being a real hassle for the guy who set up the fund if he didn't set things up properly.

And yes, one would THINK that someone who can afford to give some random person a bunch of money would know the rules, but there are a lot of rich idiots out there. Doctor's, for instance are quite smart in their respective fields. But most of them don't know jack about taxes or accounting. You would think they'd be smart enough to hire an accountant and make sure things are done right, but that isn't always the case. I run into things all the time where people simply don't know the rules and don't think to check into it, then bitch and complain that the IRS and government aren't fair and are out to get them.

And if the donor's are married and give 26k, they still need to fill out form 709 indicating that they chose to split their gift and both need to agree to splitting it. Otherwise, it's considered a gift of 26k, instead of two gifts of 13k.

[azoomm]

Over $600,000...

http://www.indiegogo.com/loveforkarenhklein

[defector]

She should take every single one of those little fucktards to Disneyworld with her.



Then promptly leave their fucking asses on a bus in the parking lot. Then point and laugh at them, and tell them how fucking stupid they are.

[tommymac]

Originally Posted by defector

She should take every single one of those little fucktards to Disneyworld with her.



Then promptly leave their fucking asses on a bus in the parking lot. Then point and laugh at them, and tell them how fucking stupid they are.

And evoke the creature from jeepers creepers to come and kill them ;