[Date Prev][Date Next][Thread Prev][Thread Next][Date Index][Thread Index]
Gift taxes...
Forwarded message:
> "The giver is responsible for paying any applicable tax on any large
> gift," IRS spokesman Steven Pyrek said Monday.
>
> A baseball is owned by Major League Baseball until it leaves the
> field. It is then owned by the fan who comes up with it.
>
> A gift tax applies to any property given away that is worth $10,000 or
> more. The person receiving the gift owes no taxes.
>
> Under the federal tax code, the first $625,000 would be exempt because
> of the lifetime tax credit provided to every individual. So if the
> ball is deemed to be worth $1 million, the fan would owe at least 40
> percent of the remaining $375,000, or $150,000, to the government.
____________________________________________________________________
The seeker is a finder.
Ancient Persian Proverb
The Armadillo Group ,::////;::-. James Choate
Austin, Tx /:'///// ``::>/|/ [email protected]
www.ssz.com .', |||| `/( e\ 512-451-7087
-====~~mm-'`-```-mm --'-
--------------------------------------------------------------------