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Home › Forums › Financial Markets/Economics › Family cash gifts and taxes › IRS gift tax rules is on link

May 15, 2009 at 6:57 PM #399253
equalizer
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IRS gift tax rules is on link below. Over lifetime it appears you can give away $1,000,000 without paying gift tax.

http://www.irs.gov/publications/p950/ar02.html#d0e235

Friend needs to talk to a tax lawyer or read the
Tax Fraud & Evasion: Money Laundering, Asset Forfeiture, Sentencing [Vol. 2] book. Someone transfers large amount of cash (over $5,000) and the govt can take their money at will. See cnn link below. Indiana prosecutor was not criminally charged for personally keeping 25% of asset forfeitures!

http://en.wikipedia.org/wiki/Asset_forfeiture

Texas police shake down drivers, steal their money under asset forfeiture laws.

http://www.cnn.com/2009/CRIME/05/05/texas.police.seizures/

http://www.assetforfeiturewatch.com/ME2/dirmod.asp?sid=&nm=&type=MultiPublishing&mod=PublishingTitles&mid=6EECC0FE471F4CA995CE2A3E9A8E4207&tier=4&id=ADB51F81BEC9482B8D7A38F9E5D5CB76