David, please seek competent tax advice on the funds you are receiving. A good CPA is worth their weight in gold on issues like this. God bless you, brother.

Ulsterman, last I checked the MasterCam U site some of those corses are very affordable. Need a good enough computer and a place to study and learn. When I get employed here I will begin saving for a laptop again. Dell M7710 is the ticket. Like a 3D mouse ad well. I am not interested in programming lathes. The round parts bore me terribly. Mills are facinating. Horizontal boring mills are where I would like to progress to. There are manual boring mills still being used in industry but most who have CNC run Toshibas.

quote:

Originally posted by TigerDore:
David, please seek competent tax advice on the funds you are receiving. A good CPA is worth their weight in gold on issues like this. God bless you, brother.

Always a good idea to seek out tax professional but likely considered to be gift rather than income, because no services or goods were provided in exchange. See generally https://www.irs.gov/businesses...stions-on-gift-taxes.

quote:

Originally posted by David Lee:
I am near lost for words you guys and gals. I will have this event and you all to hold for the rest of my days. I hope to save this topic for me to reflect on. People like I have never known. The few people I know in my area would have let me sink when I cant swim. You all by contrast are uplifting of a stranger. I have a debt to you all I will be happy to return.

You're not a stranger, David. And you're not heavy; you're our brother.

quote:

Originally posted by Legal Beagle:

quote:

Originally posted by TigerDore:
David, please seek competent tax advice on the funds you are receiving. A good CPA is worth their weight in gold on issues like this. God bless you, brother.

Always a good idea to seek out tax professional but likely considered to be gift rather than income, because no services or goods were provided in exchange. See generally https://www.irs.gov/businesses...stions-on-gift-taxes.

Correct, the funds or items of clothing, etc. that he's receiving are gifts. No income tax liability to David as the donee.

If he's using a need-based government benefit, like Medicaid, then these funds could be a problem.

To David Lee - No tax issues with any of the money or items you will receive. They are all gifts. Now if you put that money in an account that earns interest, you must pay taxes on those amounts.

To all who gave - no gift tax issues for you until you have given over $15,000 in one year to a single person.

Dave, if you have any other tax questions, please email me.

quote:

Originally posted by Legal Beagle:

quote:

Originally posted by TigerDore:
David, please seek competent tax advice on the funds you are receiving. A good CPA is worth their weight in gold on issues like this. God bless you, brother.

Always a good idea to seek out tax professional but likely considered to be gift rather than income, because no services or goods were provided in exchange. See generally https://www.irs.gov/businesses...stions-on-gift-taxes.

I think this is correct. It is likely a gift. Not taxable to the donee.

I received three checks in yesterday's mail. I suspect the rest of the week will be fulfilling.

quote:

Originally posted by Jamess1:
To David Lee - No tax issues with any of the money or items you will receive. They are all gifts. Now if you put that money in an account that earns interest, you must pay taxes on those amounts.

To all who gave - no gift tax issues for you until you have given over $15,000 in one year to a single person.

Dave, if you have any other tax questions, please email me.

Thank you!



.

Here's a place in Buckner, KY that does CNC stuff (among other mold/tool related things). Drop them an email from that link on the right and see if they are looking for anyone.

http://www.hartlagemanufacturing.com

Family owned, good people.

quote:

Originally posted by Jamess1:
To David Lee - No tax issues with any of the money or items you will receive. They are all gifts. Now if you put that money in an account that earns interest, you must pay taxes on those amounts.

To all who gave - no gift tax issues for you until you have given over $15,000 in one year to a single person.

Dave, if you have any other tax questions, please email me.

To be clear, the amounts you have to pay taxes on are the amounts of interest paid to you, not the amounts deposited.

If you find anywhere to deposit the money where you are paid any meaningful amount of interest on it, please do let us know.

Here’s hoping your current troubles are seen behind you in a quality rear view mirror for many days to come.

6guns just e-mailed me that he got my check, so I imagine he got a bunch more today.

Knowing how busy he must be, I didn't ask for details such as totals, which I'm sure he'll give us when he can.

Hang in there, David!

This message has been edited. Last edited by: newtoSig765,

So where did we end up at?

6guns got mine too

I've emailed 6guns this morning for the tally. When I last spoke with him, snail mail donations were still coming in.

6 guns stated he would report back here when he has the total I am sure he has had a busy time collecting and emailing back the mailed in donors.

Prolly some checks still rolling in. He just got mine yesterday.

6guns said he won't be able to get to the bank until the 17th. So, we'll know the tally by then, for sure.

Hello everyone. Yes, checks still coming in. I've received quite a few, but based on pledged checks via email that I haven't yet received, I'd like to wait before reporting any $ amounts. But what a generous bunch of great people!!!