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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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mikeintexas's avatar - tx avatar-1.gif
Texas Panhandle
United States
Member #136843
December 20, 2012
1383 Posts
Offline
Posted: May 2, 2013, 12:17 am - IP Logged

I don't have a clue about the trust, but I do know many people take advantage of them for tax reasons.

The debit card/bank account idea is OK, I suppose and I'm not morally opposed to doing it that way, but if I had a bunch of money from a jackpot, I'd want to do things on the up-and-up.  I'd hate to have the govt. find out I was transferring money w/out paying the gift tax and then have them fine you that amount plus a substantial penalty, perhaps even confiscate a large portion of your winnings.  (there's that old saying that you can't get blood out of a turnip, but the IRS can darn sure take the turnip) I've always thought you could start up some sort of business and hire your family to run it.  I'm not sure on current IRS rules, but used to be you could deduct business losses for three years.  I don't see why you couldn't pay your "employees" anything within reason and if the business turned out to be a success, then your family could share in the profits.  It would also be a way to transfer part of your wealth by giving them benefits such as the best health insurance or retirement funds, etc.


A people that elect corrupt politicians, impostors, thieves and traitors are not victims...but accomplices.
 - George Orwell

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

    United States
    Member #32537
    February 12, 2006
    698 Posts
    Offline
    Posted: May 2, 2013, 5:03 am - IP Logged

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

    Yes

     

    total freedom, as creater of trust writes how trust works and who gets what etc

    No bees, no honey.