Home › Forums › Financial Markets/Economics › Family cash gifts and taxes
- This topic has 80 replies, 10 voices, and was last updated 16 years, 6 months ago by
equalizer.
-
AuthorPosts
-
May 15, 2009 at 10:53 AM #400257May 15, 2009 at 12:22 PM #399647
Doofrat
ParticipantThe 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 $0Hmmm where did Bob get this money?
Can’t think of a simpler audit.
May 15, 2009 at 12:22 PM #399898ParticipantThe 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 $0Hmmm where did Bob get this money?
Can’t think of a simpler audit.
May 15, 2009 at 12:22 PM #400128ParticipantThe 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 $0Hmmm where did Bob get this money?
Can’t think of a simpler audit.
May 15, 2009 at 12:22 PM #400187ParticipantThe 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 $0Hmmm where did Bob get this money?
Can’t think of a simpler audit.
May 15, 2009 at 12:22 PM #400332ParticipantThe 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 $0Hmmm where did Bob get this money?
Can’t think of a simpler audit.
May 15, 2009 at 12:27 PM #399667davelj
Participant[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.
May 15, 2009 at 12:27 PM #399917Participant[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.
May 15, 2009 at 12:27 PM #400149Participant[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.
May 15, 2009 at 12:27 PM #400208Participant[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.
May 15, 2009 at 12:27 PM #400352Participant[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.
May 15, 2009 at 1:20 PM #399711jimmyle
ParticipantThanks for your advice, i sent my friend this link and he freaked out. I wish I have the same problem.
May 15, 2009 at 1:20 PM #399962ParticipantThanks for your advice, i sent my friend this link and he freaked out. I wish I have the same problem.
May 15, 2009 at 1:20 PM #400191ParticipantThanks for your advice, i sent my friend this link and he freaked out. I wish I have the same problem.
May 15, 2009 at 1:20 PM #400249ParticipantThanks for your advice, i sent my friend this link and he freaked out. I wish I have the same problem.
-
AuthorPosts
- You must be logged in to reply to this topic.
