London Bloke Says:
February 15th, 2012 at 1:14 pm
mcb explain the american system of tax gifts briefly if u can
SO Birdman spends his money (eg $600k split over a 5 year plan) on the car, and he can recoup a % of that from the government as gift? What %?
nah my bad
basically, a gift is tax free (ameriacn tax code not straight forward, please know MANY EXCEPTIONS AND DETAILS change this answer…. that said) up to a certyain amount, 2011’s amount is 13,000( ithink). 26,000 if you have a spouse and split the gift.
now obv donations to an approved authorizewd 501 charity, obv those are tax free and you MIGHT be able to write them off on your taxes, up to a certain amount.
what i was referring to was this is a gift to Slim. now family complicates the matter, as in dependents and actual family, but in general, taxes may be owed ont he car, as its someething slim received and could be included in his taxes
notice the number of coulds, excepts, etc…. i hate th tax code
boss always said he wish he didnt have a job. hed rahter have the tax code be so simple that every american could file their own. thats real shit