does anyone know?? gift tax

Reply #8

twisted — Wed, 06 Oct 2004 16:38:16 GMT

Quote: Originally posted by tjsmarine on October 06, 2004thanks again....... i just wish i could talk to an estate planner and they give me the up up answers that i need before i win so when that day comes i want be blind... but i can't afford to give them money just for answersIf you every win, you will have all the time in the world to make up your mind about these things. Just relax for now and wait for the day to come.

Reply #7

tjsmarine — Wed, 06 Oct 2004 16:19:18 GMT

thanks again....... i just wish i could talk to an estate planner and they give me the up up answers that i need before i win so when that day comes i want be blind... but i can't afford to give them money just for answers

Reply #6

Babel — Wed, 06 Oct 2004 07:45:58 GMT

I think splitting the jackpot among a group of people or even family would be different from what TJ is suggesting. TJ wants to buy things and then sell them at below market value to friends and family. That is a gift. The IRS is very particular about things like this.In Oregon while only a single person can collect a lottery win there is a form you can fill out to disburse the prize among multiple recipients. I would hope that such a split wouldn't suffer both income tax and gift tax. Hopefully... [ More ]

Reply #5

four4me — Wed, 06 Oct 2004 07:23:17 GMT

tjsmarine I feel the same as you do if I won a big amount and I wanted to be generous with my money by taking care of my family and uncle sam already got his cut. Then he takes his cut again from the people you share the wealth with. the last thing you want to do is try and cheat uncle out of his money. Remember he will possible be watching how you spend your money. A good example of this happened a couple weeks ago when Oprah gave away about 250 cars to needy people. When these people got the c... [ More ]

Reply #4

tjsmarine — Wed, 06 Oct 2004 04:19:11 GMT

thanks for the info... i have heard of the rich starting family ran charities so that the money they give will then be taken by say his/her parents to munipulate the tax of giving not sure if its true but it sounds good to me.

Reply #3

Jorli D — Wed, 06 Oct 2004 02:55:30 GMT

The big win will be taxed and there is no way around that. When it comes to giving money to relatives or friends, you can give them whatever amount you want, but either they or you will pay the tax on it. You can choose to give and pay the required gift tax, or you can give them an amount and make them responsible for the tax on it. I would do the latter. The lottery in some states will respect the latter arrangement and therefore that would secure the giver that he/she will not be taxed for

Reply #2

four4me — Wed, 06 Oct 2004 02:39:06 GMT

here's what i found and you should check with your state try typing gift tax and your state in your search engine.I don't know what you mean about getting around it. If you win a large amount and wish to give something away you need an estate lawyer who specializes in that area. Let them put everything in one package and for one fee. I.R.S. Estate Tax Group 1114S.B.S.E. Area 15 (International)950 LEnfant Plaza, S.W.Washington, DC 20024Telephone (202) 874-1660This telephone number is only for qu... [ More ]

Reply #1

Babel — Wed, 06 Oct 2004 01:32:37 GMT

I believe that any time you sell something for below the market value it's considered a gift. But with the ending of the estate tax (should this be made permanent) I would imagine the gift tax would also be removed since it goes hand in hand with the estate tax.

does anyone know?? gift tax

tjsmarine — Tue, 05 Oct 2004 23:22:33 GMT

if you bought a house or car and then sold them the car for half or even a dollar would that still fall under the gift taxxx laws as far as money goes i have done alot of reading and i still can't find out anything specific on getting around gift taxes i mean wiht all the rich peopl like athelets that buy their mom and family things it has to be around the gift tax can anyone help i am planning for the big win