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thin skin can't win |
No matter how many times you say it, that won't make it true. Gifts in excess of limits trigger tax for the gifter, not the giftee. And yes, that creates a huge incentive for IRS to try to recharacterize a gift as income whenever possible. You only have integrity once. - imprezaguy02 | |||
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| Lawyers, Guns and Money  |
I would think it would be income to Hunter. He owed the tax, it was his debt. If someone paid it for him, I would call that income. But... at the same time it's still a gift from the perspective of the giver. Can the IRS pursue both? "Some things are apparent. Where government moves in, community retreats, civil society disintegrates and our ability to control our own destiny atrophies. The result is: families under siege; war in the streets; unapologetic expropriation of property; the precipitous decline of the rule of law; the rapid rise of corruption; the loss of civility and the triumph of deceit. The result is a debased, debauched culture which finds moral depravity entertaining and virtue contemptible." -- Justice Janice Rogers Brown "The United States government is the largest criminal enterprise on earth." -rduckwor | |||
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Political Cynic |
^^^ Short answer is yes | |||
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| Member |
I have read this whole thread but perhaps I missed it, who is the person paying off Hunter's tax and probably other debts? I would sure like to know and think the general public should. The “POLICE" Their job Is To Save Your Ass, Not Kiss It The muzzle end of a .45 pretty much says "go away" in any language - Clint Smith | |||
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| Member |
"Hunter's sugar brother lawyer". Just google that. He paid these as a "loan" to Hunter. Which I will be surprised if any of it is repaid. _________________________ "Sometimes I wonder whether the world is being run by smart people who are putting us on or by imbeciles who really mean it." Mark Twain | |||
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Member |
When your finger paintings go for six figures to anonymous buyers, who are obviously great art connoisseurs, why even have someone hide their bribes under the guise of a "gift?" | |||
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| Ammoholic |
I may be mistaken, but I was under the impression that the current lifetime gift tax exclusion (also affects estate taxes) was a little over 14 million. I have no idea how much back taxes someone paid for him, but up to whatever the current lifetime gift tax exclusion limit, the giver could file a form applying the gift against his or her limit and owe no gift taxes. Of course, if they used up their exemption for this gift their estate would all be taxable. | |||
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| Member |
This, plead guilty so they don't find additional charges and additional people involved and to get the cases over quickly. Father WILL pardon him right after the election. | |||
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Coin Sniper |
Well, it's how they got Al Capone. I wonder if that means he gets sent to Alcatraz. Pronoun: His Royal Highness and benevolent Majesty of all he surveys 343 - Never Forget Its better to be Pavlov's dog than Schrodinger's cat There are three types of mistakes; Those you learn from, those you suffer from, and those you don't survive. | |||
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delicately calloused |
Smoke filled rooms You’re a lying dog-faced pony soldier | |||
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