Hunter Biden offers to plead guilty to Tax Evasion

September 06, 2024, 12:38 PM

quote:
Originally posted by Rick Lee:
Again, sugar daddy's payments are obviously well in excess of tax-free gift limits. Surely, that was added to the tally as well, no?

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.

September 06, 2024, 01:08 PM

chellim1

quote:
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.

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?

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September 06, 2024, 01:59 PM

nhtagmember

^^^

Short answer is yes

September 07, 2024, 08:00 AM

bettysnephew

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.

September 07, 2024, 09:14 AM

wcb6092

quote:
Originally posted by bettysnephew:
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.

"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.

September 07, 2024, 09:41 AM

Rick Lee

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?"

September 07, 2024, 05:47 PM

slosig

quote:
Originally posted by Rick Lee:
Is he going to have to pay those back taxes plus penalties and interest in addition to any other punishment? Seems to me, if his rich patron buddy in CA is paying that all for him, it's well beyond the tax-free gift limit, opening up new tax issues for him.

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.

September 07, 2024, 09:01 PM

jimmy123x

quote:
Originally posted by uvahawk:
This is most likely an attempt to short-circuit additional evidence coming out at trial, such as the deals his father made with foreign entities.

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.

September 07, 2024, 10:24 PM

Rightwire

Well, it's how they got Al Capone. I wonder if that means he gets sent to Alcatraz.

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