4 ms·
That's (hard to detect) tax fraud.
by lupire 4y ago
That's (hard to detect) tax fraud.
- lotsofpulp 4y agoNo, it is perfectly legal. It is called the annual “exclusion” amount, because you get to exclude it from estate tax calculations. https://www.irs.gov/businesses/small-businesses-self-employed/frequently-asked-questions-on-gift-taxes https://www.irs.gov/businesses/small-businesses-self-employe... > What can be excluded from gifts? > The general rule is that any gift is a taxable gift. However, there are many exceptions to this rule. Generally, the following gifts are not taxable gifts. >Gifts that are not more than the annual exclusion for the calendar year. >Tuition or medical expenses you pay for someone (the educational and medical exclusions). >Gifts to your spouse. >Gifts to a political organization for its use. >In addition to this, gifts to qualifying charities are deductible from the value of the gift(s) made. https://www.irs.gov/businesses/small-businesses-self-employed/whats-new-estate-and-gift-tax https://www.irs.gov/businesses/small-businesses-self-employe...
- rcstank 4y agoIt’s not fraud at all. It’s following tax laws.