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I love this thread! And what are the rules for unintended gifts?
by kwertyoowiyop 5y ago
I love this thread! And what are the rules for unintended gifts?
- ars 5y agoThe same. You can return or throw out the gift if you don't want it. If you keep it, and it's over the taxable limit, you have to report it and pay tax.
- NovemberWhiskey 5y agoPlease explain why you think the recipient of a gift is the one that has to pay tax on it.
- dnautics 5y agois this generally not understood? For example, if you go on price is right, and you win a nice trip to tahiti, you still have to pay tax on it.
- NovemberWhiskey 5y agoIf it's generally understood, then it's wrongly understood: https://www.irs.gov/businesses/small-businesses-self-employed/frequently-asked-questions-on-gift-taxes https://www.irs.gov/businesses/small-businesses-self-employe... "Who pays the gift tax? The donor is generally responsible for paying the gift tax." >For example, if you go on price is right, and you win a nice trip to tahiti Those are prizes or winnings, not gifts. Totally different tax treatment.
- stonemetal12 5y agoGameshow winnings are not a gift. I think it is considered gambling and taxed accordingly.
- kbenson 5y agoWell, most people might think any sort of Crypto is gambling too...
- 0x0 5y agoBecause otherwise you can come and build me a website and I can gift you $10k and wow nobody needs to pay income tax anymore?
- NovemberWhiskey 5y agoNo, because when you give me $10K because I made you a website, you're obviously paying me for my work. The IRS is not stupid, and doesn't look at the form you claim, it looks at the actual factual situation.
- throw123123123 5y agoThe IRS doesn't look at any factual situation, its clerks in an administration building..