Who Wants a Laugh

[KinTN]

Dang KinTN,

you have something against our buddy Tom or what?..

This is like about the 5th different thread you chimed in on busting his Ballz

Getting to where it is noticeable.

just saying.. everyone has their opinion and no need to always go there..

Sorry SoOregonMd, but when people spout off about things they obviously know nothing about, it gets me going. The Federal Tax Code is very clear on what the rules for gifts are. Gifts aren't tips in the eyes of the IRS. This isn't a matter of opinion, its a tax matter with a very clear answer. And that answer is that $14k a year of a gift is not federally taxable.

Mr Tom likes to run off on tangents and talk you to death, especially when he knows he is wrong. He is doing his best to divert the point onto Tips. He called me out after I made my Gift post. I didn't start it but I expect to see the truth out.




.

 

[KinTN]

Hey Tom, watch this. This is how its done:

I was wrong in my last post and I apologize to the forum.

The actual amount of a gift that is not federally taxable for 2018 is $15k, not 14. I was going on 2017 Tax Code.




. and in case anyone was wondering, my birthday is next month......

 

[Tpmetal]

I would switch to all metal and dig the faint blips.

 

[T-Man]

Just be safe and don't post your clad find totals in your signature. IRS will come back and claim you didn't claim that amount on your taxes

 

[KinTN]

Hey Tom, have you asked your 'expert' about the exemption of federal taxation of gifts of cash?
Or did you just ask him the wrong question?
Or does he exist at all?

Do you want me to give you a link to google results? You're obviously having trouble with finding the facts here.

You often get away with your off the wall claims by diverting people off topic when they prove you wrong. I am not one of those. Still waiting on you to address the original fact I posted & that you disputed.
And if you have conveniently forgotten, here it is again:
Gifts of up to $10k (corrected to $15k later) in cash are not federally taxable. Not tips or any other potential income stream, CASH GIFTs.







.

 

[Tom_in_CA]

Hey Tom, have you asked your 'expert' about the exemption of federal taxation of gifts of cash?
Or did you just ask him the wrong question?
Or does he exist at all? ....

Oh my my my. K-in-TN, no need to get ... uh .... "testy" and "colorful". Sheesk.

Forums are for discussing md'ing related topics. Your inputs are valuable. And if someone comes up with something that you can shed light on, then there is no need to tear him to shreds, or claim he made up some authority he sought out for 3rd party opinion.

This is all fair game discussion. No need to get worked up.

Yes I have an accountant friend who detects in our area. And all I did was ask him if all sources of income are taxable. Ie.: the $ we find in the ground, tips or gifts we receive, etc... His short answer was that it was all taxable. But no ... I did not steer him in a specific direction that you speak of . I will pass that by him the next time I see him.

But it's all sort of a moot point. Whether it's a) clad we find, b) old coin or token or button we sell on ebay c) a pre-arranged charge for someone we search for (lost ring, etc...) d) tip, or e) gift.

In NONE Of the above scenarios of financial gain, is ANYONE here going to go claiming it on his income tax. It's just too petty and silly.

The only reason this came up (as I understand the long evolution of this thread) is that someone thought it was un-wise for a forumite to list the tips he gets, as part of his show & tell post.

But ... no ... I did not grill my accountant friend to the 3rd degree. Just a casual off-the-cuff question. Might he be wrong ? Sure. Does it matter ? No.

 

[KinTN]

Again with the mass verbage and attempt to misdirect.

I said GIFTS are not taxable. You said I was wrong- most likely because I embarrassed you for your stance on advising tourists to risk foreign jail time. But that's neither here nor there.
Sorry bud, but you picked the wrong topic. You should really stick with things you actually know.
And since you still seem to be having problems swallowing it, allow me to post a link for you (google really can be your friend).....
Forbes a good enough source for you?: https://www.forbes.com/sites/ashlea...-limits-11-2-million-per-couple/#6cacd7b44a4b



I do see from your post that you actually asked the guy the wrong question. OF COURSE income is taxable. But the IRS does not consider up to $15k of a cash gift as income. Words matter when asking an expert for his advice.


.

 

[Tom_in_CA]

....
Forbes a good enough source for you?: https://www.forbes.com/sites/ashlea...-limits-11-2-million-per-couple/#6cacd7b44a4b ....

I will forward that link to my accountant friend. Thanx.

And I will also ask him that ... in light of this: What's to stop me from giving "gifts" to my employees (I own a company) for them and me to skirt payroll taxes ? After all , it would be just a "gift", eh ?

 

[KinTN]

I will forward that link to my accountant friend. Thanx.

And I will also ask him that ... in light of this: What's to stop me from giving "gifts" to my employees (I own a company) for them and me to skirt payroll taxes ? After all , it would be just a "gift", eh ?

Play stupid games, win stupid prizes.
The IRS don't play.
Take action if you want and report back to us how well this works.




.

 

[scoundrel]

I will forward that link to my accountant friend. Thanx.

And I will also ask him that ... in light of this: What's to stop me from giving "gifts" to my employees (I own a company) for them and me to skirt payroll taxes ? After all , it would be just a "gift", eh ?

If you expect something in return it's not a gift.