WIN a 37 AVH - Active Thunder
#121
Charter Member # 55
Charter Member
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.
#122
Registered
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 09:10 AM.
#123
Registered
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.
#124
Registered
Join Date: Sep 2007
Location: Essex Junction, Vermont
Posts: 303
Likes: 0
Received 0 Likes
on
0 Posts
I don't believe anyone smart enough to be an accountant would own a boat!!!
#125
Registered
Now I wonder if that was right?
Last edited by Mentalpause; 10-20-2008 at 08:19 PM.
#126
Registered
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.
#127
Registered
#128
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.
#130
Registered
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.