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View Diary: Breaking: IRS to go HARD after American Crossroads/Priorities USA (240 comments)

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  •  Not always (2+ / 0-)
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    husl piper 11, La Gitane

    But maybe. Keep in mind that if you don't have a net worth of $5 million ($10 million for a married couple), and have never given taxable gifts before, it will never apply to you (under current law). Gift and Estate taxes only apply to people that have acquired pretty substantial wealth. (That does not mean that people with lower net worth aren't subject to filing requirements, only that they won't be required to pay any tax.)  But a taxpayer's net worth is often far in excess of what they've ever paid income taxes on. Inheritance and asset appreciation may not have ever been subject to income taxes. (Gifts of appreciated property is a common, and perfecly legal tax avoidance method.)

    •  Thanks Kane (0+ / 0-)

      No, I (unfortunately) will probably never have to deal with this.  But, it does make sense in the largesse of it; if trustfund kid gets $40K, somebody has got to pay for it....


      "Mediocrity cannot know excellence." -- Sherlock Holmes

      by La Gitane on Thu May 12, 2011 at 12:51:05 AM PDT

      [ Parent ]

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