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Is there a way around the gift taxes??

Topic closed. 16 replies. Last post 4 years ago by joshuacloak.

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United States
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July 25, 2012
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Posted: April 30, 2013, 8:00 am - IP Logged

So if you won the jackpot and wanted to give someone a new car....like maybe they want a new let's say a corvette with all the bells and whistles...costs what maybe 50 60 thousand...could you buy it in your name then sell it to them at like maybe $100...would he then just be responsible for the yearly adjusted value only...or not?? Would it work for houses and other gifts too??

    joshuacloak's avatar - Money Swim-uncle-scrooge-mcduck-35997717-677-518.jpg

    United States
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    February 12, 2006
    698 Posts
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    Posted: April 30, 2013, 8:11 am - IP Logged

    its called a trust

    aka you would be main trust beneficiary, how is simple, have lawyer handle all this part , they can set it up for your needs

      u can supply a endless amount of names to trust as other for beneficiary then just u

    then have trust give them all money u want, 

     

    gift tax is must retarded tax out there

    govt  first tax  the money when got to u,

    , then tax's it again just for giving it away,that's double tax,  wtf greedy govt

     

    anywot this joke of a tax  has loopholes size texas, just use trust route

    irs cant claim u bypassing any gift tax, if money comes form trust  " the trust that collects prize and pays taxs on lottery prize, then gives it out to trust beneficiaries

     

    issue fixed, good day sir

    No bees, no honey.

      HoLeeKau's avatar - YheaShea
      Idaho
      United States
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      July 17, 2010
      2284 Posts
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      Posted: April 30, 2013, 9:50 am - IP Logged

      One way to get around taxes on a house is to build it on property they already own.  That's how Extreme Makeover does it.  They lease the land, and build the house.  The loophole is that a property owner does not have to pay taxes on improvements that a tenant makes.

      Of course that won't work if they hate their neighborhood and want to move.


        United States
        Member #130815
        July 25, 2012
        1636 Posts
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        Posted: April 30, 2013, 4:33 pm - IP Logged

        its called a trust

        aka you would be main trust beneficiary, how is simple, have lawyer handle all this part , they can set it up for your needs

          u can supply a endless amount of names to trust as other for beneficiary then just u

        then have trust give them all money u want, 

         

        gift tax is must retarded tax out there

        govt  first tax  the money when got to u,

        , then tax's it again just for giving it away,that's double tax,  wtf greedy govt

         

        anywot this joke of a tax  has loopholes size texas, just use trust route

        irs cant claim u bypassing any gift tax, if money comes form trust  " the trust that collects prize and pays taxs on lottery prize, then gives it out to trust beneficiaries

         

        issue fixed, good day sir

        Yes but what if you dont want to name friends in your trust??

          ttech10's avatar - blobdude
          Texas
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          June 5, 2010
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          Posted: April 30, 2013, 8:28 pm - IP Logged

          I always wondered about simply opening an account and then adding someone else on as a co-signer. They would have access to it and be given a debit card and checks, but I would be the primary owner. I know when I was co-signer to someone else's account, it was them who had to deal with any tax implications of the account.

           

          I've always planned on sharing some winnings with a really close friend and this would allow for that without having to deal with any dumb gift taxes.

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            Delaware
            United States
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            July 1, 2010
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            Posted: May 1, 2013, 12:36 am - IP Logged

            I always wondered about simply opening an account and then adding someone else on as a co-signer. They would have access to it and be given a debit card and checks, but I would be the primary owner. I know when I was co-signer to someone else's account, it was them who had to deal with any tax implications of the account.

             

            I've always planned on sharing some winnings with a really close friend and this would allow for that without having to deal with any dumb gift taxes.

            You'd have to REALLY REALLY trust that friend..

              BuyLow's avatar - palm tree.jpg
              Florida
              United States
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              Posted: May 1, 2013, 5:58 am - IP Logged

              You'd have to REALLY REALLY trust that friend..

              I think ttech10 means that you'd only put into that account what you wanted to give to that person......

                savagegoose's avatar - ProfilePho
                adelaide sa
                Australia
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                April 11, 2006
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                Posted: May 1, 2013, 6:48 am - IP Logged

                pre paid credit cards

                2014 = -1016; 2015= -1409; 2016 JAN = -106; FEB= -81; MAR= -131; APR= - 87: MAY= -91; JUN= -39; JUL=-134; AUG= -124; SEP = -123; OCT= -84  NOV=- 73 TOT= -3498

                keno historic = -2291 ; 2015= -603; 2016= JAN=-32, FEB= +12 , MAR= -86, APR = -77. MAY= -48, JUN= -29, JUL=-71; AUG = -52; SEPT= -43; OCT = +56 NOV = -33 TOT= -3297


                  United States
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                  Posted: May 1, 2013, 6:59 am - IP Logged

                  I always wondered about simply opening an account and then adding someone else on as a co-signer. They would have access to it and be given a debit card and checks, but I would be the primary owner. I know when I was co-signer to someone else's account, it was them who had to deal with any tax implications of the account.

                   

                  I've always planned on sharing some winnings with a really close friend and this would allow for that without having to deal with any dumb gift taxes.

                  I do like that idea....but you'd have to make sure that they wouldn't overdraft that account

                    PlayToWin47's avatar - Lottery-041.jpg
                    Joplin MO
                    United States
                    Member #138489
                    January 28, 2013
                    190 Posts
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                    Posted: May 1, 2013, 10:26 am - IP Logged

                    its called a trust

                    aka you would be main trust beneficiary, how is simple, have lawyer handle all this part , they can set it up for your needs

                      u can supply a endless amount of names to trust as other for beneficiary then just u

                    then have trust give them all money u want, 

                     

                    gift tax is must retarded tax out there

                    govt  first tax  the money when got to u,

                    , then tax's it again just for giving it away,that's double tax,  wtf greedy govt

                     

                    anywot this joke of a tax  has loopholes size texas, just use trust route

                    irs cant claim u bypassing any gift tax, if money comes form trust  " the trust that collects prize and pays taxs on lottery prize, then gives it out to trust beneficiaries

                     

                    issue fixed, good day sir

                    If I won enough and wanted to give away enough that gift taxes were an issue, I'd definitely go the 'trust' route ... assuming that I can't just have it split at the lottery office.


                      United States
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                      Posted: May 1, 2013, 1:37 pm - IP Logged

                      If I won enough and wanted to give away enough that gift taxes were an issue, I'd definitely go the 'trust' route ... assuming that I can't just have it split at the lottery office.

                      So you'd be ok with naming friends and neighbors in your trust ??

                        joshuacloak's avatar - Money Swim-uncle-scrooge-mcduck-35997717-677-518.jpg

                        United States
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                        Posted: May 1, 2013, 2:14 pm - IP Logged

                        So you'd be ok with naming friends and neighbors in your trust ??

                        u may have some major false assumptions about trusts or something going on

                        but they are By large and far, best option there is when it comes to sharing on YOUR terms

                         

                        if i won say massive 200m , atfer taxes, lets just say its 100m CASH trust has now

                        i can  write up trust,  naming me   get say 99% or 99m  of money

                        then put in 5 friends names getting each 200k, 

                        now am guesting one false assumptions , is okay so I drop dead, now they get other 99m?

                        no no no no, u  can even write who gets Money if someone dies........... aka who gets your 99m share if u die. etc

                        its just is a  writen  contract

                        if u write whole thing your self, just like  freaking should do, its all on your terms

                        hance why u should get a great lawyer if u large winner, there many MANY trust lawyers all over freaking place

                        for instant, say am  wealthy man with no wife etc with billion in cash,   if i drop dead today,and have 4 kids,

                        u think okay so they each get 250m?   NOPE

                        govt comes in with there death tax, stealing  a lot of "40% with an exemption of $5 million ($10 million for couples)"

                        however, if dad wealth was in  TRUST, aka 1 billion  a trust, with trust spelling out, dad  wealth, he gets 99% of it, u kids x amount to live on

                        dad sure for much running the show,  however when he drops died, GOVT can't come in and CLAIM death tax,  no freaking 40% of a billion for them, or 400m if get the idea

                        it goes right to 4 kids, untaxed

                         

                        now  same holds true for lottery winners

                        u can write up whatever terms u want,  who gets what, what amount, ETC,  what happens if 1 person dies , etc

                        it can all be covered

                        irs tax it once up front,  but ever time trust beneficiaries  take money out no TAX

                        sense its already been taxed first time

                         

                        i use a trust if i was rich self made billioner or a lottery winner is my freaking point here,the thing is WHAT rich people USE

                         

                        if your idea is how to best share millions of cash, then taking trust is  BEST

                        lets say your goal was how to race across a lake as fast as possible

                        a trust would be like packing a speed boat to race across the lake

                        now if refuse to  use speed boat, fine,   but its like grabbing a row your self boat, insisting the Kayak  paddle a better option then speed boatBang Head

                        there NOT many better options then speed boat on large lake, if your idea to freaking RACE across

                        just like a trust is best option over ever thing else

                        your asking us how to freaking share  money and get around gift taxes,  TAKE THE TRUST route, or  pick  a  Kayak paddle and have fun , u asked, u got told,   i give up on trying to spell it out so u can understand anymore Bash

                        No bees, no honey.

                          PlayToWin47's avatar - Lottery-041.jpg
                          Joplin MO
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                          Posted: May 1, 2013, 2:30 pm - IP Logged

                          So you'd be ok with naming friends and neighbors in your trust ??

                          I'd have to educate myself more on how trusts work, but from what little I've heard, I think naming family, friends, etc. would be ok.

                          I do appreciate all the good info that joshuacloak has posted concerning trusts!!!  I think, however, I would hire the lawyer familiar with trusts, instead of doing it myself ... just so I don't miss some legal thing that causes me grief.

                            dallascowboyfan's avatar - tiana the-princess-and-the-frog.jpg
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                            Posted: May 1, 2013, 5:43 pm - IP Logged

                            pre paid credit cards

                            LOL good oneBig Grin

                            I Love Pink & Green 1908


                              United States
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                              Posted: May 1, 2013, 6:34 pm - IP Logged

                              u may have some major false assumptions about trusts or something going on

                              but they are By large and far, best option there is when it comes to sharing on YOUR terms

                               

                              if i won say massive 200m , atfer taxes, lets just say its 100m CASH trust has now

                              i can  write up trust,  naming me   get say 99% or 99m  of money

                              then put in 5 friends names getting each 200k, 

                              now am guesting one false assumptions , is okay so I drop dead, now they get other 99m?

                              no no no no, u  can even write who gets Money if someone dies........... aka who gets your 99m share if u die. etc

                              its just is a  writen  contract

                              if u write whole thing your self, just like  freaking should do, its all on your terms

                              hance why u should get a great lawyer if u large winner, there many MANY trust lawyers all over freaking place

                              for instant, say am  wealthy man with no wife etc with billion in cash,   if i drop dead today,and have 4 kids,

                              u think okay so they each get 250m?   NOPE

                              govt comes in with there death tax, stealing  a lot of "40% with an exemption of $5 million ($10 million for couples)"

                              however, if dad wealth was in  TRUST, aka 1 billion  a trust, with trust spelling out, dad  wealth, he gets 99% of it, u kids x amount to live on

                              dad sure for much running the show,  however when he drops died, GOVT can't come in and CLAIM death tax,  no freaking 40% of a billion for them, or 400m if get the idea

                              it goes right to 4 kids, untaxed

                               

                              now  same holds true for lottery winners

                              u can write up whatever terms u want,  who gets what, what amount, ETC,  what happens if 1 person dies , etc

                              it can all be covered

                              irs tax it once up front,  but ever time trust beneficiaries  take money out no TAX

                              sense its already been taxed first time

                               

                              i use a trust if i was rich self made billioner or a lottery winner is my freaking point here,the thing is WHAT rich people USE

                               

                              if your idea is how to best share millions of cash, then taking trust is  BEST

                              lets say your goal was how to race across a lake as fast as possible

                              a trust would be like packing a speed boat to race across the lake

                              now if refuse to  use speed boat, fine,   but its like grabbing a row your self boat, insisting the Kayak  paddle a better option then speed boatBang Head

                              there NOT many better options then speed boat on large lake, if your idea to freaking RACE across

                              just like a trust is best option over ever thing else

                              your asking us how to freaking share  money and get around gift taxes,  TAKE THE TRUST route, or  pick  a  Kayak paddle and have fun , u asked, u got told,   i give up on trying to spell it out so u can understand anymore Bash

                              So this would work if I just wanted to give a one-time gift to someone as well then?