1890. That time of year
- Thread starter HBK4life
- Start date
I'll donate the same as Buffett.
Been watching it for years - even though we’ve had more resources than most the teams that line up head to head and simply beat us year after year. NU managing money makes the US Govt look like penny pinchers.
Ummmm....you only get about 20 cents on the dollar. Make a political contribution that you can't deduct and it might get you tax free tax credits for a wind tower or carbon pipeline....
What could have been from that man for Nebraska football had he not been on the spectrum
I'd rather just donate a monetary gift to my kids and grandkids to take it off my taxes.
At 17K a pop you can lower your tax liability in a hurry.
Well I am no tax guy....but I am surprised to hear that the 18k gift (2024 reporting threshold) would be tax deductable? If so, my parents have been doing it wrong for sure.
IRS can come still come back for the gift money before 5 years if needed..
After 5 years on every year after you’d be okay..
Oh yeah that part I know....but saying a gift of 18k tax deductible seems....not true.
But maybe somebody knows something that I don't - few things in life are truly worth the money you pay but a tax advisor you trust would be one of them.
For some reason, when I typed this I thought of Saul Goodman in Breaking Bad...."When the going gets tough, you don't want a criminal lawyer. You want a CRIMINAL lawyer"
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According to the IRS the gifting of crypto is not a taxable event, nor is moving it from one wallet to another.
Everyone does things a little different and what works for one may not work for all.
Gifting money and not having a taxable event is much different than gifting money and being able to deduct it from your income.
That's my donation to the collective. ESPN has the highest carriage fees, so even non-sports fans are making their donation.
I can’t donate…YouTubeTV is going up $10 per month.
I've been told that that's not true. Or maybe it just isn't in my case. You can give a 17K pop to each kid without their having to pay taxes on it, but for us we get zero benefit. Maybe someone can help me out on this interpretation.
Chat gpt
No, a monetary gift to your children is not tax-deductible in 2024 or under U.S. tax law in general. Gifts are considered a transfer of wealth rather than a charitable donation, which is the type of gift that could qualify for a tax deduction.
Key Points about Monetary Gifts:
- Annual Gift Tax Exclusion:
- In 2024, you can give up to $17,000 per person per year without triggering the need to file a gift tax return. If you’re married, you and your spouse can jointly give up to $34,000 to each child tax-free.
- Gifts exceeding the annual exclusion may require you to file IRS Form 709 (Gift Tax Return). However, no actual tax is due until you exceed the lifetime estate and gift tax exemption, which is $12.92 million per individual in 2024.
- Not Deductible:
- Gifts to individuals, including children, are not considered tax-deductible under any circumstances.
- Charitable Gifts:
- Only gifts made to qualified charities or non-profits are tax-deductible, provided you itemize deductions on your tax return.
There are two 1890 funds, the 1890 Initiative and the 1890 Foundation. It appears to me that the tax (and priority points) consequences of donating to those funds are different. There's some questionable tax advice in this thread, might want to check with a tax person before writing out the checks.
Ok. But according to the tax code. You can not deduct monetary gifts to your kids. Sooo just saying not sure that qualifies as a tax strategy under the letter of the law.
"No, a monetary gift to your children is not tax-deductible in 2024 or under U.S. tax law in general. Gifts are considered a transfer of wealth rather than a charitable donation, which is the type of gift that could qualify for a tax deduction."
I think most people can come to their own conclusions about this guy and the stuff he says. Anyone can file taxes however they like. And maybe not face consequences.
More then likely he doesn't even do his own taxes and just doesn't understand what he is saying.
LOl. Maybe I don't. I can only go off of what my tax person says as well as what the tax law says. If you have a loophole. Please do share. I would love to pay less in taxes then what we do.
What you said is true, but it is possible that he is one of the fortunate few who has to worry about estate tax. Gift payments to the kids would not be deductible from his income, but could reduce estate tax eventually.
I got slammed a couple of time on here for it. But I'm all ears on anything tax related. And admittingly am not good with anything tax related. All I know is my wife and I have been getting slammed as of late and would love a remedy. LOL.
You can receive priority points, 3 points for every $100 given in the current drive.Priority points accumulate and are recalculated each year.
If the fund is not associated with tickets/ parking, you may decline priority points to improve tax deductibility.
Which is why I’ll go this route to get tax deduction for 2024..
If the fund is not associated with tickets/ parking, you may decline priority points to improve tax deductibility.
Which is why I’ll go this route to get tax deduction for 2024..
I started my career in the USAF as an accountant 52 years ago, so yeah, I've done my own taxes a time or two.
Cool. Please enlighten the board to your top secret but legal methods for deducting gifts to children. What's the harm in explaining a legal method of reducing someone's tax burden? You think congress is going to re-write tax code based on a Husker message board?
Yes to this. I have been gifting my kids money to pay off college debt (now that we actually have some) the last couple of years and would love to be able to write if off. Still doubt I can but I'm all ears.
