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Old 10-19-2008, 11:00 PM
  #121
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I think that will vary depending on your income level. I would imagine its like adding 100k in income and you would have to pay tax at the end of the year based on you tax bracket and deductions.
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Old 10-20-2008, 10:00 AM
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Originally Posted by Mentalpause View Post
I bet the winnings being taxable is not very grey to the IRS - and there are very clear IRS laws on gifts - and how much GIFT you can get in a given tax year.

Plan for the gambling rules to apply if you win.
There is no max on how much gift you can recieve. There is a gift tax on amounts given in excess of 12,000 (24,000 MFJ) which applies to donor individuals, not donees. Gift tax doesn't apply to non-profit organizations.

Last edited by TexomaPowerboater; 10-20-2008 at 10:10 AM.
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Old 10-20-2008, 10:08 AM
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As we understand things........Gambling Rules do not apply because of the NON PROFIT structure of the prize and the organiztion behind it.......which is different than winning in Vegas.
I disagree. I'm a tax accountant and I researched the topic. The laws and case rulings are very specific. Please post some facts to the contrary. I'm sure your contributors would just assume not take your word for it.
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Old 10-20-2008, 06:22 PM
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Originally Posted by TexomaPowerboater View Post
I disagree. I'm a tax accountant and I researched the topic. The laws and case rulings are very specific. Please post some facts to the contrary. I'm sure your contributors would just assume not take your word for it.
I don't believe anyone smart enough to be an accountant would own a boat!!!
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Old 10-20-2008, 09:11 PM
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Originally Posted by TexomaPowerboater View Post
There is no max on how much gift you can recieve. There is a gift tax on amounts given in excess of 12,000 (24,000 MFJ) which applies to donor individuals, not donees. Gift tax doesn't apply to non-profit organizations.
Our tax advisor told us the different. Plus others I know got the same information we got. We were advised that we are able to gift up to 10K (maybe 12K now) a year to each of the kids, but not beyond that per child. But we can gift more than 10K as long as we have more than 1 receiver.

Now I wonder if that was right?

Last edited by Mentalpause; 10-20-2008 at 09:19 PM.
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Old 10-21-2008, 09:41 AM
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Originally Posted by Mentalpause View Post
Our tax advisor told us the different. Plus others I know got the same information we got. We were advised that we are able to gift up to 10K (maybe 12K now) a year to each of the kids, but not beyond that per child. But we can gift more than 10K as long as we have more than 1 receiver.

Now I wonder if that was right?
I think you misunderstood my post. Yes, gifts you give in excess of $12K or $24K(MFJ) per donee are taxable to the donor. The donee (recipient) is never taxed on a gift. These rules do not apply to non-profit organizations.

Last edited by TexomaPowerboater; 10-21-2008 at 09:43 AM.
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Old 10-21-2008, 06:51 PM
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I think you misunderstood my post. Yes, gifts you give in excess of $12K or $24K(MFJ) per donee are taxable to the donor. The donee (recipient) is never taxed on a gift. These rules do not apply to non-profit organizations.
Understood - thanks.
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Old 10-21-2008, 10:39 PM
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I think you misunderstood my post. Yes, gifts you give in excess of $12K or $24K(MFJ) per donee are taxable to the donor. The donee (recipient) is never taxed on a gift. These rules do not apply to non-profit organizations.
WTF??? A gift, given by a donor, in excess of $12,000 is TAXABLE to said donor??? Are you really that incompetent?
Boy will the IRS be surprised, as well as the entire philanthropy profession and a whole lot of savvy donors.

A gift to a legitimate 501 (C) 3 is a tax deductible gift, under most circumstances, and is NOT taxable as revenue as it leaves the donors hands. It was already taxed as income, and is now a charitable DEDUCTION to the donor.
The charity does not pay income tax on charitable revenue.

Btw...Nobody uses the term "donee."

Your clients have an idiot for an accountant.

What this site needs is a TEX deduction.

I can't believe that he posted that crap, and that anybody believed him. My God.
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Old 10-21-2008, 11:47 PM
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hee hee
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Old 10-22-2008, 01:30 PM
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WTF??? A gift, given by a donor, in excess of $12,000 is TAXABLE to said donor??? Are you really that incompetent?
Boy will the IRS be surprised, as well as the entire philanthropy profession and a whole lot of savvy donors.

A gift to a legitimate 501 (C) 3 is a tax deductible gift, under most circumstances, and is NOT taxable as revenue as it leaves the donors hands. It was already taxed as income, and is now a charitable DEDUCTION to the donor.
The charity does not pay income tax on charitable revenue.

Btw...Nobody uses the term "donee."

Your clients have an idiot for an accountant.


What this site needs is a TEX deduction.

I can't believe that he posted that crap, and that anybody believed him. My God.
Hey Fudge Packer, nice to see you back. Thats about the kind of post I'd expect from you. If you look at my previous post you'll see that the post was directed towards a question that was asked about a gift to his kids. Not a charitable organization. I think your girlfriend Chris Sunkin would even back me up on this. Run along now.........
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