With all their financial losses, they might end up with enough deductions to help make up for the 40% tax rate they’ll owe on gifts. Or is it higher for gifts? Whatever it is, they’ll need to raise about double what they actually need. Wouldn’t it be great if they could sue Mule-rear, et al, PERSONALLY, for damages for false arrest, etc.? (NOT the government, then WE’D end up paying for Mule-rear’s dastardly deeds).
they’ll need to raise about double what they actually need.
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gifts are not taxable to the recipient - so please don’t speculate and then state conclusions about things of which you have little, to no, knowledge.
The Estate and Gift tax regime is separate from the Income Tax regime. On the other hand, in most case the donors won’t be able to take a tax deduction for these donations.