4 ms·
No, you don't. The issue is liquidity. If I gift you something that is of substantial value, but cannot be easily sold or used as a security, it can really fuck
by Tuna-Fish 4y ago
No, you don't. The issue is liquidity. If I gift you something that is of substantial value, but cannot be easily sold or used as a security, it can really fuck you over. There are jurisdictions that allow deferring the tax liability in such cases, but the USA doesn't do that.
- xboxnolifes 4y agoLottery winnings are liquid.
- Tuna-Fish 4y agoAh sorry, I misunderstood the post I was replying to. I was actually agreeing to it: Lottery winnings are different from major gifts of illiquid assets, because you can always just pay the taxes from the winnings. In any case, you become liable for the tax immediately after receiving the gift/winning. If you cannot do that without selling the asset, and the asset is impossible to sell in the short term, and you cannot take a loan against the asset, your best option can be to refuse the gift. And yes, this is a little bit insane.
- ska 4y agoI should have been clearer, but we were pointing out the same difference.
- deleted 4y ago[deleted]
- alasdair_ 4y agoGifts in the usa are taxable to the giver, not the receiver. (In most cases)