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What would you do if you saw Action #1 at a yard sale?

Started by kav,

98 posts in this topic

Jeffreykli

Jeffreykli

Posted
Posted
The person receiving the gift is not liable for the taxes.

Gift tax is not an issue for most people

The person who makes the gift files the gift tax return, if necessary, and pays any tax.

 

If someone gives you more than the annual gift tax exclusion amount ($14,000 in 2015), the giver must file a gift tax return. That still doesn’t mean they owe gift tax.

 

For example, say someone gives you $20,000 in one year, and you and the giver are both single. The giver must file a gift tax return, showing an excess gift of $6,000 ($20,000 – $14,000 exclusion = $6,000).

 

Each year, the amount a person gives other people over the annual exclusion accumulates until it reaches the lifetime gift tax exclusion.

 

Currently, a taxpayer does not pay gift tax until they have given away over $5.43 million in their lifetime (2

 

Here is what the tax attorney told me:

The money is not taxable by the IRS or California - there is a $5.4 million threshold for taxes - either in death or cumulative before death. The $14k limit is a reporting requirement if given in a single year

 

Apparently you are unclear on what a reporting requirement is. And some other things.

 

There are two separate, but inter-related things:

 

1. Annually, a taxpayer can give up to $14,000 (indexed to inflation) without the recipient incurring gift taxes. Any gifts above the $14k threshold goes against the taxpayer's lifetime exclusion.

 

Side note: Actually, the tax attorney is incorrect (unless things have changed over the past few years); any gift requires a gift tax return otherwise the default is that the gift is part of the taxpayer's lifetime exclusion. Honestly, tough to enforce, though.

 

2. The lifetime exclusion is also indexed, and currently $5.43M. This is the amount that the individual taxpayer can give or bequeath before gift or estate taxes kick in. So, if you use up your lifetime exclusion prior to your death, your entire estate can be taxable.

 

Long story short, you can give up to $5.43M away, but it's generally not a good idea to do so, especially to a stranger. In this hypothetical, you can give some money away, but your estate will end up paying taxes on whatever is left (unless you time it better than Lamar Odom and end up dying amongst the hookers and blow :) )

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kav

kav

Posted
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The person receiving the gift is not liable for the taxes.

Gift tax is not an issue for most people

The person who makes the gift files the gift tax return, if necessary, and pays any tax.

 

If someone gives you more than the annual gift tax exclusion amount ($14,000 in 2015), the giver must file a gift tax return. That still doesn’t mean they owe gift tax.

 

For example, say someone gives you $20,000 in one year, and you and the giver are both single. The giver must file a gift tax return, showing an excess gift of $6,000 ($20,000 – $14,000 exclusion = $6,000).

 

Each year, the amount a person gives other people over the annual exclusion accumulates until it reaches the lifetime gift tax exclusion.

 

Currently, a taxpayer does not pay gift tax until they have given away over $5.43 million in their lifetime (2

 

Here is what the tax attorney told me:

The money is not taxable by the IRS or California - there is a $5.4 million threshold for taxes - either in death or cumulative before death. The $14k limit is a reporting requirement if given in a single year

 

Apparently you are unclear on what a reporting requirement is. And some other things.

 

There are two separate, but inter-related things:

 

1. Annually, a taxpayer can give up to $14,000 (indexed to inflation) without the recipient incurring gift taxes. Any gifts above the $14k threshold goes against the taxpayer's lifetime exclusion.

 

Side note: Actually, the tax attorney is incorrect (unless things have changed over the past few years); any gift requires a gift tax return otherwise the default is that the gift is part of the taxpayer's lifetime exclusion. Honestly, tough to enforce, though.

 

2. The lifetime exclusion is also indexed, and currently $5.43M. This is the amount that the individual taxpayer can give or bequeath before gift or estate taxes kick in. So, if you use up your lifetime exclusion prior to your death, your entire estate can be taxable.

 

Long story short, you can give up to $5.43M away, but it's generally not a good idea to do so, especially to a stranger. In this hypothetical, you can give some money away, but your estate will end up paying taxes on whatever is left (unless you time it better than Lamar Odom and end up dying amongst the hookers and blow :) )

Yes he said you file a 709.

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gadzukes

gadzukes

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A couple years ago I had an AF15 CGC 3.0 being shipped to me Registered mail (you know.... the safest way the USPS can send, where everyone along the route needs to sign for the package). The day it was supposed to arrive, my carrier was out sick and they had a sub in delivering packages. The carrier went to THE WRONG HOUSE AND LEFT IT WITH THE PERSON!!!

It turned out the person was a foreigner and didn't speak english and just took it inside.

 

Luckily, I was checking the delivery conf every day and saw that it had been delivered. I called the PO and told them it most certainly was NOT delivered and if they check the signature it will not be mine.

 

A couple hours later the local postmaster called me and said she was personally driving out to the address they delivered it to to get it back for me.

 

Luckily the package hadn't been opened and I got it, BUT I have always thought..... the person who got the package could have opened it up, taken out the comic and realized it was valuable because of the iconic cover. Then when the postmaster showed up simply claimed the package was empty when they opened it.

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gadzukes

gadzukes

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How many of you have had a wrong comic (of value) shipped to you by mistake?

 

I had a "big name" on the boards here send me a TOS39 by mistake once. A midgrade copy. My eyes got big when I opened the package. I'm not going to name names because I don't want to embarrass the boardie, but I could not believe my eyes.

 

I'm proud to say I only had a millisecond of temptation before I contacted the person to send it back.

 

 

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kav

kav

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I got the $99 FF collection in the mail I never ordered it and thought it was some mistake but it turned out to be Hector.

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oakman29

oakman29

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I got the $99 FF collection in the mail I never ordered it and thought it was some mistake but it turned out to be Hector.

 

I once got a reader Cap comic in the mail.It really sucked cause I couldn't finish the story,it was in the next issue. :cry:

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kav

kav

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I'd try to talk her down to 50 cents

lol a quarter,and throw in this Detective 27 as well.Give you a dime for the Captain America #3 lady...

:acclaim:

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porcupine48

porcupine48

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Posted
What would you do if you saw Action #1 at a yard sale

 

Pee my pants.

 

Knock you guys down to get it...

Hay,could you imagine if two or more comic nerds came across it at the same time? lol

I feel a comic strip weekend coming on....kav..wanna jam?

Im putting lots on my plate..

Oh,it could be classic though...

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