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Post by TallyHo on Jul 25, 2010 11:13:54 GMT -5
ive been on the irs site. looking at gifting. your allowed 1 mill lifetime tax free. and 13thou a year to inaviduals. after your 1 mill they tax u to death. the more u give the more your taxed. im looking for a good tax lawyer and a crooked cpa (within limts that is). i dont want to give the crooks back anything i dont have to providing of course i get it. god bless al You need to do some more reading. You can gift $13K per year to each person. Your spouse can also gift $13K per year. That's $26K to each person. Therefore you can gift $104K to a family of 4 every year and it is not taxed nor does it count toward your $1M lifetime limit. The receiver does not have to pay taxes on it either. It only goes against the lifetime limit if you go over that $13K/person/year. Also, you can't buy someone a house, but every owner of a property, no matter the percentage (stay reasonable here nothing like 5 % lol), has the right to live in the house. Soooooo......buy like 60% of the house and let the other entity buy 40% and they can live it and it is not considered a gift. Plenty of loop holes like this..............read read read.
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Post by ohiogirl on Jul 25, 2010 11:14:13 GMT -5
I don't even bother saying anything about CMKX to my husband anymore as I get the "deer in the headlight look" everytime. I just quietly read the posts each day, each month, each year and hope for the best for all....
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Post by moneypenny on Jul 25, 2010 11:15:39 GMT -5
thats y im lookin for a jewish lawyer and cpa. the irs dont tell u this stuff
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Post by squeezebox on Jul 25, 2010 11:33:02 GMT -5
I don't have a wife, it's all MINE baby! lol if it happens that is, trying to stay as grounded as ever...
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Post by cmkxerlong on Jul 25, 2010 11:34:39 GMT -5
Ditto. I thought I was one of the few ones that gets treated like this from my wife. haha Davesaint, It'e genetic. I get the same thing from my wife. ;D Mike
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jolara
Diamond Hunter
Posts: 18
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Post by jolara on Jul 25, 2010 11:39:07 GMT -5
Thanks Bob
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Post by TallyHo on Jul 25, 2010 11:44:48 GMT -5
I'm not getting excited until I have the money.
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Post by orcainbc on Jul 25, 2010 12:34:58 GMT -5
It is only human to fear disappointments, indeed it is. More time for such a big saga inevitable in order to solve this huge turmoil. Hope your health improves for you Robert and get you out at the sun again.
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Post by sandye14 on Jul 25, 2010 12:42:20 GMT -5
I don't even bother saying anything about CMKX to my husband anymore as I get the "deer in the headlight look" everytime. I just quietly read the posts each day, each month, each year and hope for the best for all.... ;D I get that look no matter what the topic ;D
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Post by davesaint on Jul 25, 2010 13:05:30 GMT -5
Also, you can't buy someone a house, but every owner of a property, no matter the percentage (stay reasonable here nothing like 5 % lol), has the right to live in the house. Soooooo......buy like 60% of the house and let the other entity buy 40% and they can live it and it is not considered a gift.
Plenty of loop holes like this..............read read read.
Can you buy a house and sell it to someone for a $1 and not have any issues like you can with a car?
Davesaint
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Post by deb101202 on Jul 25, 2010 13:09:02 GMT -5
The shareholder who told me about CMKX six years ago said to me about a month ago: "You listen to me. We are having a financial affair. If you say one more word about this to your negative husband - IT'S OVER!!!"
What a comedian! I laughed the whole day over that. My husband said, "If this happens, I will kiss his feet in front of everybody."
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Post by TallyHo on Jul 25, 2010 13:10:14 GMT -5
Also, you can't buy someone a house, but every owner of a property, no matter the percentage (stay reasonable here nothing like 5 % lol), has the right to live in the house. Soooooo......buy like 60% of the house and let the other entity buy 40% and they can live it and it is not considered a gift. Plenty of loop holes like this..............read read read. Can you buy a house and sell it to someone for a $1 and not have any issues like you can with a car? Davesaint You can do it, but that is looked at as a gift. Has to be fair market value for anything. Just because you sell it doesn't mean it isn't a gift. The key is fair market value. Stick with the co-owners and give the whole family your max tax free gifts every year. They can use it to pay off their share of the house. Then sell them your share and let them continue to use the tax free gift money to pay the rest off. Shouldn't take too long that way. With the amount of money we will have, the IRS will be watching us. Just be honest and use the tax code to your advantage......there are plenty of loop holes. another example..... You can pay anyones medical bills no matter the amount and it doesn't count as a gift. Only stipulation is you pay directly to the hospital..............same thing goes for education. Pay directly to the university and it isn't considered a gift. cheers.
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Post by imSINGLEruRICH on Jul 25, 2010 13:57:25 GMT -5
Hope you are well and over your latest health crisis....Have to say Bob...you sure stirred up a hornet nest of speculation with your last post...the closet cryptologists have come out of the woodwork with all sorts of weird theories..some of them are very entertaining...some of them are down right exciting...it's been much too long that this tired group of veterans has sat here and waited..week after week...of that you are acutely aware..so without much more jawboning...heres to next week...may your post prove positive that our journey is reaching closure....and that this 8 year trip will prove to be the stockplay of a lifetime..... Hello Stormjay, I am awaiting confirmation...the journey may be over. All the best, BHollenegg Bob, Thanks for the time you take to share with the shareholders. I truly hope and pray that confirmation and or closure is on the way. This journey has been a long and tedious one for all, but your support has helped many to remain with hope. Thanks again, SINGLE
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Post by agfadoc on Jul 25, 2010 14:49:26 GMT -5
My first act would be to buy my parents house from them and have them live there to maintain it. They could live in it for the rest of their lives, buy myself a motor home and store it on the property so they could use it anytime they wanted.
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Post by beckins on Jul 25, 2010 17:22:54 GMT -5
my wife just holds up "the" hand.....
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