Family cash gifts and taxes

[zeek]

I beleive the gifiting limit has been raised to $13k for 2009.

[Doofrat]

The bank is required to file a currency transaction report for any amount over $10,000 or any amount just below this amount. They also have the discretion to file this for any amount.

What they do with this after the filing is beyond me, but I doubt it is very difficult for the guys in the black helicopters to compare:

1. Bob SS# 123-45-6789’s bank account with a couple of $120,000 checks from his brother and sister
2. Bob SS# 123-45-6789’s tax returns listing his job as Starbuck’s Barista and an income last year of $35,000
3. Bob SS# 123-45-6789 estimated tax payments for the year showing $0

Hmmm where did Bob get this money?

Can’t think of a simpler audit.

[Doofrat]

The bank is required to file a currency transaction report for any amount over $10,000 or any amount just below this amount. They also have the discretion to file this for any amount.

What they do with this after the filing is beyond me, but I doubt it is very difficult for the guys in the black helicopters to compare:

1. Bob SS# 123-45-6789’s bank account with a couple of $120,000 checks from his brother and sister
2. Bob SS# 123-45-6789’s tax returns listing his job as Starbuck’s Barista and an income last year of $35,000
3. Bob SS# 123-45-6789 estimated tax payments for the year showing $0

Hmmm where did Bob get this money?

Can’t think of a simpler audit.

[Doofrat]

The bank is required to file a currency transaction report for any amount over $10,000 or any amount just below this amount. They also have the discretion to file this for any amount.

What they do with this after the filing is beyond me, but I doubt it is very difficult for the guys in the black helicopters to compare:

1. Bob SS# 123-45-6789’s bank account with a couple of $120,000 checks from his brother and sister
2. Bob SS# 123-45-6789’s tax returns listing his job as Starbuck’s Barista and an income last year of $35,000
3. Bob SS# 123-45-6789 estimated tax payments for the year showing $0

Hmmm where did Bob get this money?

Can’t think of a simpler audit.

[Doofrat]

The bank is required to file a currency transaction report for any amount over $10,000 or any amount just below this amount. They also have the discretion to file this for any amount.

What they do with this after the filing is beyond me, but I doubt it is very difficult for the guys in the black helicopters to compare:

1. Bob SS# 123-45-6789’s bank account with a couple of $120,000 checks from his brother and sister
2. Bob SS# 123-45-6789’s tax returns listing his job as Starbuck’s Barista and an income last year of $35,000
3. Bob SS# 123-45-6789 estimated tax payments for the year showing $0

Hmmm where did Bob get this money?

Can’t think of a simpler audit.

[Doofrat]

The bank is required to file a currency transaction report for any amount over $10,000 or any amount just below this amount. They also have the discretion to file this for any amount.

What they do with this after the filing is beyond me, but I doubt it is very difficult for the guys in the black helicopters to compare:

1. Bob SS# 123-45-6789’s bank account with a couple of $120,000 checks from his brother and sister
2. Bob SS# 123-45-6789’s tax returns listing his job as Starbuck’s Barista and an income last year of $35,000
3. Bob SS# 123-45-6789 estimated tax payments for the year showing $0

Hmmm where did Bob get this money?

Can’t think of a simpler audit.

[davelj]

[quote=zeek]I beleive the gifiting limit has been raised to $13k for 2009.[/quote]

I believe that’s right. Good catch. Now I gotta go out and figure out to get me some of dem $13K giftages.

[davelj]

[quote=zeek]I beleive the gifiting limit has been raised to $13k for 2009.[/quote]

I believe that’s right. Good catch. Now I gotta go out and figure out to get me some of dem $13K giftages.

[davelj]

[quote=zeek]I beleive the gifiting limit has been raised to $13k for 2009.[/quote]

I believe that’s right. Good catch. Now I gotta go out and figure out to get me some of dem $13K giftages.

[davelj]

[quote=zeek]I beleive the gifiting limit has been raised to $13k for 2009.[/quote]

I believe that’s right. Good catch. Now I gotta go out and figure out to get me some of dem $13K giftages.

[davelj]

[quote=zeek]I beleive the gifiting limit has been raised to $13k for 2009.[/quote]

I believe that’s right. Good catch. Now I gotta go out and figure out to get me some of dem $13K giftages.

[jimmyle]

Thanks for your advice, i sent my friend this link and he freaked out. I wish I have the same problem.

[jimmyle]

Thanks for your advice, i sent my friend this link and he freaked out. I wish I have the same problem.

[jimmyle]

Thanks for your advice, i sent my friend this link and he freaked out. I wish I have the same problem.

[jimmyle]

Thanks for your advice, i sent my friend this link and he freaked out. I wish I have the same problem.

[Author]

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