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#11
04-19-2005, 02:37 PM
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 Re: Gift Receiver Ever Taxed? "Barry Margolin" <barmar[at]alum.mit.edu> wrote: - quote - > "BobLeavitt" <robertl101[at]hotmail.com> wrote:
Not exactly. They selectively chosen. Chosen for a reason,> > "Dan" <dan[at]nospam.com> wrote: > > > In the USA, is the receiver of a gift whether money or > > > otherwise ever taxed on the that gift? > > Didn't the folks at Oprah's show, who were given a gift of a > > Pontiac, have to pay taxes on the value of the "gift"? > Those were treated as prizes, not gifts. I guess the applications for > tickets to the show were treated as entries into a contest, and the ones > who actually got tickets were winners. and what they got was equivalent to a door prize. -- David M. Woods, EA, ChFC, CLU Woods Financial Services Norwood, MA 02062 www.woods-financial.com << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#10
04-19-2005, 01:58 PM
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| Re: Gift Receiver Ever Taxed? BobLeavitt wrote: - quote - > "Dan" <dan[at]nospam.com> wrote:
But it was not a "gift", there were some strings.> > In the USA, is the receiver of a gift whether money or > > otherwise ever taxed on the that gift? > Didn't the folks at Oprah's show, who were given a gift of a > Pontiac, have to pay taxes on the value of the "gift"? -- Frederick E. Jorden http://Tax-Accounting-Payroll.com 7825 Midlothian Tpk - 207 Richmond, VA 23235-5247 EMAIL knowtax[at]bigfoot.com (804) 320-6210 FAX (804) 320-6211 << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#9
04-18-2005, 04:12 PM
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| Re: Gift Receiver Ever Taxed? BobLeavitt wrote: - quote - > "Dan" <dan[at]nospam.com> wrote:
NO! Notall. they had to pay income tax on the income.> > In the USA, is the receiver of a gift whether money or > > otherwise ever taxed on the that gift? > Didn't the folks at Oprah's show, who were given a gift of a > Pontiac, have to pay taxes on the value of the "gift"? ChEAr$, Harlan Lunsford, EA n LA << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#8
04-18-2005, 03:53 PM
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| Re: Gift Receiver Ever Taxed? "BobLeavitt" <robertl101[at]hotmail.com> wrote: - quote - > "Dan" <dan[at]nospam.com> wrote: > > In the USA, is the receiver of a gift whether money or > > otherwise ever taxed on the that gift? > Didn't the folks at Oprah's show, who were given a gift of a > Pontiac, have to pay taxes on the value of the "gift"? > Corporations cannot make "gifts" to an individual. The people in question won a PRIZE. -- David M. Woods, EA, ChFC, CLU Woods Financial Services Norwood, MA 02062 www.woods-financial.com << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#7
04-18-2005, 03:34 PM
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| Re: Gift Receiver Ever Taxed? robertl101[at]hotmail.com (BobLeavitt) posted: - quote - > > "Dan" <dan[at]nospam.com> wrote:
since Oprah didn't pay for those cars herself, as Pontiac "donated" them> > In the USA, is the receiver of a gift whether > > money or otherwise ever taxed on the that > > gift? > Didn't the folks at Oprah's show, who were > given a gift of a Pontiac, have to pay taxes on > the value of the "gift"? > There's a difference between a "gift" and a "prize." The IRS would probably consider anything coming from a TV show a "prize" -- especially for promotional and publicity purposes. Bill << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#6
04-18-2005, 03:34 PM
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| Re: Gift Receiver Ever Taxed? "BobLeavitt" <robertl101[at]hotmail.com> wrote: - quote - > "Dan" <dan[at]nospam.com> wrote:
who actually got tickets were winners.> > In the USA, is the receiver of a gift whether money or > > otherwise ever taxed on the that gift? > Didn't the folks at Oprah's show, who were given a gift of a > Pontiac, have to pay taxes on the value of the "gift"? > Those were treated as prizes, not gifts. I guess the applications for tickets to the show were treated as entries into a contest, and the ones -- Barry Margolin, barmar[at]alum.mit.edu Arlington, MA << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#5
04-18-2005, 03:15 PM
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| Re: Gift Receiver Ever Taxed? "BobLeavitt" <robertl101[at]hotmail.com> wrote: - quote - > Didn't the folks at Oprah's show, who were given a gift of a > Pontiac, have to pay taxes on the value of the "gift"? > Ah, those pesky quotation marks. IIRC Miss Orca structured things so that these were prizes, not gifts. -- Phil Marti Clarksburg, MD << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#4
04-17-2005, 04:48 AM
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| Re: Gift Receiver Ever Taxed? "Dan" <dan[at]nospam.com> wrote: - quote - > In the USA, is the receiver of a gift whether money or
Didn't the folks at Oprah's show, who were given a gift of a> otherwise ever taxed on the that gift? Pontiac, have to pay taxes on the value of the "gift"? << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#3
04-15-2005, 10:27 PM
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| Re: Gift Receiver Ever Taxed? - quote - > > In the USA, is the receiver of a gift whether money or
Never one to let a nit go unpicked, why should I start now?> > otherwise ever taxed on the that gift? > Only if and when the donor doesn't pay the tax and IRS > can go after the recipient, which IS rare. > If the donee (receiver) is the beneficiary of an estate, > and also the executor of the estate, then IRS can > "get cha!". (I got my return filed this morning.) "Gift" and "estate" are mutually exclusive. An heir may be subject to the estate tax lien if the estate tax goes unpaid. An executor who fails his fiduciary duty by nonpayment of tax can be held personally liable as a transferee under 31 USC 3713. If the executor is also an heir, both approaches are possible. -- Phil Marti Clarksburg, MD << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#2
04-15-2005, 10:27 PM
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| Re: Gift Receiver Ever Taxed? - quote - > > In the USA, is the receiver of a gift whether money or
Never one to let a nit go unpicked, why should I start now?> > otherwise ever taxed on the that gift? > Only if and when the donor doesn't pay the tax and IRS > can go after the recipient, which IS rare. > If the donee (receiver) is the beneficiary of an estate, > and also the executor of the estate, then IRS can > "get cha!". (I got my return filed this morning.) "Gift" and "estate" are mutually exclusive. An heir may be subject to the estate tax lien if the estate tax goes unpaid. An executor who fails his fiduciary duty by nonpayment of tax can be held personally liable as a transferee under 31 USC 3713. If the executor is also an heir, both approaches are possible. -- Phil Marti Clarksburg, MD << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#1
04-14-2005, 03:53 PM
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| Re: Gift Receiver Ever Taxed? Dan wrote: - quote - > In the USA, is the receiver of a gift whether money or
Only if and when the donor doesn't pay the tax and IRS> otherwise ever taxed on the that gift? can go after the recipient, which IS rare. If the donee (receiver) is the beneficiary of an estate, and also the executor of the estate, then IRS can "get cha!". ChEAr$$$$, Harlan Lunsford, EA n LA] 13 Apr 2005 ONLY two days more! << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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04-14-2005, 03:34 PM
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| Re: Gift Receiver Ever Taxed? Dan <dan[at]nospam.com> wrote: - quote - > In the USA, is the receiver of a gift whether money or
As far as I'm aware, the recipient is only subject to income> otherwise ever taxed on the that gift? tax on funds received from an IRA or pension plan, upon the death of someone who paid no taxes on those funds in the first place. Stu << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#-1
04-13-2005, 05:35 PM
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| Gift Receiver Ever Taxed? In the USA, is the receiver of a gift whether money or otherwise ever taxed on the that gift? TIA, Dan << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
| Tags |
| gift, receiver, taxed |
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