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01-06-2022, 09:35 PM
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#16
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Registered User
Join Date: Jan 2007
Location: Ketchikan,AK
Posts: 2,086
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Quote:
Originally Posted by Cuffdaddy
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Thanks Cuff. I wonder for how long.
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01-06-2022, 09:37 PM
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#17
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Registered User
Join Date: May 2018
Location: Huntington Beach, Ca
Posts: 554
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Quote:
Originally Posted by chrisl
Thanks Cuff. I wonder for how long.
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Exactly, temporary reprieve until the next hammer drops.
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01-06-2022, 09:43 PM
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#18
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Registered User
Join Date: Jun 2009
Posts: 1,987
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Quote:
Originally Posted by Cuffdaddy
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What if the amount is over $16k per year to family or friends or anyone not commercial via those methods? Gift tax comes into play here as you can only give a person up to $16k per year as a gift. Will be interesting to see if the IRS goes after those with peer to peer labels on those transactions to family and friends.
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01-06-2022, 09:59 PM
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#19
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Registered User
Join Date: May 2018
Location: Huntington Beach, Ca
Posts: 554
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Quote:
Originally Posted by Striker
What if the amount is over $16k per year to family or friends or anyone not commercial via those methods? Gift tax comes into play here as you can only give a person up to $16k per year as a gift. Will be interesting to see if the IRS goes after those with peer to peer labels on those transactions to family and friends.
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Yes, interesting. Would not be the least bit surprised for the IRS to broaden their reach from only viewing/enforcing what is deemed "commercial"
Last edited by Cuffdaddy; 01-06-2022 at 10:00 PM.
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01-06-2022, 10:18 PM
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#20
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Registered User
Join Date: Mar 2014
Location: Connecticut
Posts: 4,900
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Would now be a good time to withdraw and stash cash from all personal bank accounts?
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01-07-2022, 08:24 AM
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#21
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Registered User
Join Date: Nov 2007
Location: Houston, TX
Posts: 1,515
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Quote:
Originally Posted by Striker
What if the amount is over $16k per year to family or friends or anyone not commercial via those methods? Gift tax comes into play here as you can only give a person up to $16k per year as a gift. Will be interesting to see if the IRS goes after those with peer to peer labels on those transactions to family and friends.
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Here's a good explanation of gift tax:
https://www.policygenius.com/taxes/guide-to-gift-tax/
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01-07-2022, 09:59 AM
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#22
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The Voice of Reason!
Join Date: Mar 2001
Location: Canandaigua, New york
Posts: 112,807
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When do they start the "unvaxxed tax?"
__________________
Who does the Racing Form Detective like in this one?
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01-07-2022, 11:07 AM
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#23
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Registered User
Join Date: Apr 2002
Location: Knoxville
Posts: 204
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Quote:
Originally Posted by chrisl
I send money all the time to family, through a cash app. Most of the time it is way over 600 bucks. Who would pay the taxes or have to claim this. I have to figure out another way. The truth in parenting. When your kids leave the nest, you better become a bank.
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Hey Chris- I think we might be related
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01-07-2022, 12:01 PM
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#24
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Registered User
Join Date: Jan 2007
Location: Ketchikan,AK
Posts: 2,086
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Quote:
Originally Posted by Fred
Hey Chris- I think we might be related
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So you are a CEO of the bank of DAD also. LOL
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01-07-2022, 07:46 PM
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#25
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Registered User
Join Date: May 2011
Posts: 22,629
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They just want to have people turn their money losing hobbies into money losing businesses, to get the full write off benefits.
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01-11-2022, 03:29 PM
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#26
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Gambler
Join Date: Jul 2021
Location: Katy Texas
Posts: 518
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Quote:
Originally Posted by garyscpa
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That's good, but what is really important is, what is the tax liability to the people receiving the cash gifts.
I give about combined $12,000 each year to my children, through Zelle.
As far as I know they do not have to pay taxes on that money.
I would like to know where in the IRS codes/laws does it say that the gift money is not taxable.
I've looked but can only find stuff about my tax liability, if I were to gift more than $16,000.
__________________
$MONEY$
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01-11-2022, 04:52 PM
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#27
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Registered User
Join Date: Dec 2011
Posts: 4,285
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Quote:
Originally Posted by P.Rosa
That's good, but what is really important is, what is the tax liability to the people receiving the cash gifts.
I give about combined $12,000 each year to my children, through Zelle.
As far as I know they do not have to pay taxes on that money.
I would like to know where in the IRS codes/laws does it say that the gift money is not taxable.
I've looked but can only find stuff about my tax liability, if I were to gift more than $16,000.
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IRC Section 102, not taxable to recipients.
__________________
Best writing advice ever received: Never use a long word when a diminutive one will suffice.
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01-11-2022, 05:40 PM
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#28
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Gambler
Join Date: Jul 2021
Location: Katy Texas
Posts: 518
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Quote:
Originally Posted by AndyC
IRC Section 102, not taxable to recipients.
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Thank You 
__________________
$MONEY$
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01-11-2022, 06:45 PM
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#29
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Just another Facist
Join Date: Mar 2002
Location: Now in Houston
Posts: 52,767
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If you own a business you can hire your kids with many different advantages ……..look into it
__________________
WE ARE THE DUMBEST COUNTRY ON THE PLANET!
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01-11-2022, 07:55 PM
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#30
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Registered User
Join Date: Apr 2009
Location: Mukwonago, WI
Posts: 3,203
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Quote:
Originally Posted by P.Rosa
I've looked but can only find stuff about my tax liability, if I were to gift more than $16,000.
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You fill out the form involved, but it goes against your lifetime exclusion of $11.7 million, so you would still not be paying a gift tax. Even if you gave them all $100 grand this year.
__________________
"I don't always frequent message boards, but when I do, I prefer PaceAdvantage."
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