WIN a 37 AVH - Active Thunder
10-21-2008 | 08:41 AM
#131
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Joined: Jan 2007
Posts: 6,474
Likes: 358
From: Mansfield, TX
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?
Now I wonder if that was right?
Last edited by TexomaPowerboater; 10-21-2008 at 08:43 AM.
10-21-2008 | 05:51 PM
#132
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Joined: Nov 2000
Posts: 3,949
Likes: 93
From: IL...XLOTO
10-21-2008 | 09:39 PM
#133
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Joined: Mar 2004
Posts: 8,162
Likes: 0
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.
10-22-2008 | 12:30 PM
#135
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Joined: Jan 2007
Posts: 6,474
Likes: 358
From: Mansfield, TX
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.
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.
Run along now.........
10-22-2008 | 07:38 PM
#136
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Joined: Mar 2004
Posts: 8,162
Likes: 0
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.........
Run along now.........One day you will get it. But you are so far outside of the loop of what is going on in the world of serious offshore.
