thx...
Posted on 08/13/2008 3:53:25 PM PDT by Laissez-faire capitalist
Darn shame that Qui Tam doesn’t apply for tax cases.
I will be eagerly watching for the Enquirer to break this story:
“Breck Girl Edwards’ Backside Sore from Prison Cellmate Rump Bump”
"If you gave any one person gifts in 2007 that are valued at more than $12,000, you must report the total gifts to the Internal Revenue Service and may have to pay tax on the gifts. The person who receives your gift does not have to report the gift to the IRS or pay gift or income tax on its value."
"Gifts include money and property, including the use of property without expecting to receive something of equal value in return. If you sell something at less than its value or make an interest-free or reduced-interest loan, you may be making a gift."
[snip]
If the Campaign finance guy was sending $$$$ to the mistress and to the Andrew Young guy - why isn’t the FEC looking into arresting the campaign guy and/or John Edwards?
I believe that is an illegal use of campaign money.
As always - FOLLOW THE MONEY.
And, as always - the DEMS ARE THIEVES, LIARS, AND CHEATS.
May this particular lying Dem who has been caught also pay for his crimes - most likely using money given him for his campaign to instead pay hush money to his mistress!
you can give up to the annual exclusion amount ($12,000 in 2007 and 2008) to any number of people, every year, without facing any gift taxes, and without the recipient owing an income tax on the gifts.
And you can give up to $1,000,000 in gifts that exceed the annual limit, total, in your lifetime, before you start owing the gift tax.
If you give $15,000 each to ten people in one year, for example, you’d use up $30,000 of your $1 million lifetime tax-free limit—ten times the $3,000 by which your $15,000 gifts exceeds the $12,000 per-person annual gift free amount.
The one giving the gift is responsible for declaring and paying the taxes... And it’s a pretty hefty tax as well, IIRC the gift tax is 55%, but I could be wrong. I also believe that there’s a $1,000,000 exemption option as well, but I could also have that wrong too.
There is a $12,000 a year exclusion per gift receiver, as well as a $1,000,000 lifetime exclusion for the giver. Meaning if I have 5 friends that I want to give gifts to, I wouldn't have to pay any taxes on those gifts (and neither would those who receive them) as long as I kept those gifts below $12,000 a year per person. So I could give away $60,000 in this example without any tax liability... And I could continue to do so every year, until I hit that $1,000,000 lifetime exclusion. Once my total gifts given hits $1,000,000, from that point on, I'd have to pay the gift tax on every dollar I gave away.
And I was also wrong about the rate: It's 45%, not 55%.
Mark
The one giving the gift is responsible for declaring and paying the taxes... And it’s a pretty hefty tax as well, IIRC the gift tax is 55%, but I could be wrong. I also believe that there’s a $1,000,000 exemption option as well, but I could also have that wrong too.
There is a $12,000 a year exclusion per gift receiver, as well as a $1,000,000 lifetime exclusion for the giver. Meaning if I have 5 friends that I want to give gifts to, I wouldn't have to pay any taxes on those gifts (and neither would those who receive them) as long as I kept those gifts below $12,000 a year per person. So I could give away $60,000 in this example without any tax liability... And I could continue to do so every year, until I hit that $1,000,000 lifetime exclusion. Once my total gifts given hits $1,000,000, from that point on, I'd have to pay the gift tax on every dollar I gave away.
And I was also wrong about the rate: It's 45%, not 55%.
Actually, I got the entire $1,000,000 lifetime exemption wrong as well. It kicks in as soon as you exceed the yearly single individual exemption, if you wish. So, tecnhically, I COULD give one person a $1,000,000 gift without having to pay any gift tax on it, using that lifetime exemption: The only thing is that it DOES count against your estate tax exemption...
Mark
Yes, unfortunately. The gift tax is designed to prevent people from gifting large sums of money to people (most likely heirs) in order to avoid estate taxes. It is rare to see strangers gifting young women large sums of money, as most of the situations with gifts are to children in anticipation of death. Still, the gift taxes apply, even for hush money.
thx...
Is an investigation being done now, or will the IRS look the other way until this dies down?
If John Edwards and everyone involved doesn’t get a visit from the IRS, then there should be a revolution in this country to shut the IRS down.
John Edwards, Reille Hunter, Andrew Young, and the lawyer writing the checks have all committed Tax Fraud and/or Campaign Finance Fraud.
His finance chair was sending the money? He was the bag-man?
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