- quote -

You can have 100's of your closest friends each give you
$11K. Neither you nor they have any gift tax reporting
issues at Federal level.

Caution, if there is a quid pro quo--its not a gift. So be
sure of what it is. There may be some technical advantages
if each of your friends loans you $11K via a written demand
note--should you go belly up anyway!

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"glenb" <glenb[at]sonic.net> wrote:

- quote -

No.

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glenb wrote:

- quote -

Stop. The recipient never has the responsibility to
report a gift.

Don't say anything further which might convince the
IRS that they would NOT be gifts, or might involve
coordinated gifts which would exceed the limit.

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Needn't report. Just keep enough evidence so if IRS
questions your life style, you can prove the gifts.

Nan, EA in LA

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glenb <glenb[at]sonic.net> wrote:

- quote -

Gifts are NOT reportable or taxable by the recipient. They
are also NOT deductible by the givers. Even if someone gave
you $100,000, $500,000, or a million bucks, there is NO
reporting requirement on your end. They wouldl, of course,
have a filing and possible gift tax requirement on their
side. Not your problem, though.

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- quote -

No, you would not have to report it, but keep a paper trail
anyway. And if you have plans of paybacks, you may have a
problem, so remember, no strings attached is what makes it a
gift.

Helen, EA in PA
Member of The Tax Gang
President, PA Society of Enrolled Agents
Campaigning for NAEA Board of Directors - Looking for YOUR vote

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"glenb" <glenb[at]sonic.net> wrote

- quote -

Not if it's a true gift to you, or even if it's a
loan to you.

- quote -

I can dig a $66,000 hole by morning, will they help
me also?

--
Paul A. Thomas, CPA
taxman at negia.net

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I'm in a financial crunch. I have 6 members of my family
and friends willing to gift me. If they each gift me the
maximum of 11,000 each do I have a responsibility to report
it?

$66,000 would get me out of the hole I am in .

Comments please.

Thank You.

G

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