DanMcQ
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Post by DanMcQ on Jun 6, 2024 13:07:49 GMT -5
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tashoya
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Post by tashoya on Jun 6, 2024 14:21:15 GMT -5
So, the minimum "gift" that Justice Thomas will accept, apparently, is around 21k. Sounds TOTALLY above board, no? He must be pretty tough to shop for around the holidays.
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SSHoya
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Post by SSHoya on Jun 6, 2024 14:24:04 GMT -5
So, the minimum "gift" that Justice Thomas will accept, apparently, is around 21k. Sounds TOTALLY above board, no? He must be pretty tough to shop for around the holidays. Free market at work! People know what he is, they're just haggling over the price!
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DanMcQ
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Post by DanMcQ on Jun 6, 2024 16:20:36 GMT -5
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tashoya
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Post by tashoya on Jun 6, 2024 19:53:23 GMT -5
I can only assume that in 2024, the "Republican" response will be the other "conservative" justices taking more payola to catch up.
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DanMcQ
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Post by DanMcQ on Jun 7, 2024 6:42:45 GMT -5
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Massholya
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Post by Massholya on Jun 7, 2024 9:07:07 GMT -5
For the attorneys here, what are the tax implications?
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hoyajinx
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Post by hoyajinx on Jun 7, 2024 9:22:56 GMT -5
For the attorneys here, what are the tax implications? There are no tax implications for the recipient of the gift so he receives gifts tax free. The gift giver could have tax implications depending on a variety of factors. There would be tax implications for the discharge of the loan on his RV, but those could be skirted around if the discharging party considered it a gift and filed a gift tax return. He essentially got all these gifts (ie bribes) with no associated taxes.
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Massholya
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Post by Massholya on Jun 7, 2024 10:18:19 GMT -5
For the attorneys here, what are the tax implications? There are no tax implications for the recipient of the gift so he receives gifts tax free. The gift giver could have tax implications depending on a variety of factors. There would be tax implications for the discharge of the loan on his RV, but those could be skirted around if the discharging party considered it a gift and filed a gift tax return. He essentially got all these gifts (ie bribes) with no associated taxes. Hmmm. So if something is declared a “gift” there is no limit on the value of the item? Can cash also be given straight up as a gift? Interesting.
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SSHoya
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"Forget it Jake, it's Chinatown."
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Post by SSHoya on Jun 7, 2024 10:22:26 GMT -5
There are no tax implications for the recipient of the gift so he receives gifts tax free. The gift giver could have tax implications depending on a variety of factors. There would be tax implications for the discharge of the loan on his RV, but those could be skirted around if the discharging party considered it a gift and filed a gift tax return. He essentially got all these gifts (ie bribes) with no associated taxes. Hmmm. So if something is declared a “gift” there is no limit on the value of the item? Can cash also be given straight up as a gift? Interesting. The person receiving a gift typically does not have to pay gift tax. The giver, however, will generally file a gift tax return when the gift exceeds the annual gift tax exclusion amount, which is $17,000 per recipient for 2023. The annual exclusion for gifts increases to $18,000 for calendar year 2024, increased from $17,000 for calendar year 2023. The maximum credit allowed for adoptions for tax year 2024 is the amount of qualified adoption expenses up to $16,810, increased from $15,950 for 2023. Nov 27, 2023 www.irs.gov/newsroom/irs-provides-tax-inflation-adjustments-for-tax-year-2024#:~:text=The%20annual%20exclusion%20for%20gifts,increased%20from%20%2415%2C950%20for%202023.
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hoyajinx
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Post by hoyajinx on Jun 7, 2024 10:34:48 GMT -5
There are no tax implications for the recipient of the gift so he receives gifts tax free. The gift giver could have tax implications depending on a variety of factors. There would be tax implications for the discharge of the loan on his RV, but those could be skirted around if the discharging party considered it a gift and filed a gift tax return. He essentially got all these gifts (ie bribes) with no associated taxes. Hmmm. So if something is declared a “gift” there is no limit on the value of the item? Can cash also be given straight up as a gift? Interesting. I don’t know the rules if justices can receive cash (I would certainly hope they couldn’t), but, as in addition to what SS said, anything in excess of the exclusion amount must be included in a gift tax return. This excess is then subtracted from your lifetime exemption amount (I don’t know what the current exemption amount is per Individual currently, but it’s probably in the 10 figure range). Once the cumulative amount of gifts given to all individuals exceeds this amount, then the gift giver will need to pay taxes on all additional gifts given. There are more ins and outs, but that’s basically the foundation of gift taxes. Most people will never even come close to having to worry about it, but the billionaires bribing… I mean giving gifts to Thomas will. I wonder if Thomas wasn’t a Supreme Court Justice would he have gotten 4 million in gifts? Maybe he’s got an absolutely sparkling personality, but I think it’s safe to say he would not have.
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SSHoya
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"Forget it Jake, it's Chinatown."
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Post by SSHoya on Jun 7, 2024 11:53:54 GMT -5
Hmmm. So if something is declared a “gift” there is no limit on the value of the item? Can cash also be given straight up as a gift? Interesting. I don’t know the rules if justices can receive cash (I would certainly hope they couldn’t), but, as in addition to what SS said, anything in excess of the exclusion amount must be included in a gift tax return. This excess is then subtracted from your lifetime exemption amount (I don’t know what the current exemption amount is per Individual currently, but it’s probably in the 10 figure range). Once the cumulative amount of gifts given to all individuals exceeds this amount, then the gift giver will need to pay taxes on all additional gifts given. There are more ins and outs, but that’s basically the foundation of gift taxes. Most people will never even come close to having to worry about it, but the billionaires bribing… I mean giving gifts to Thomas will. I wonder if Thomas wasn’t a Supreme Court Justice would he have gotten 4 million in gifts? Maybe he’s got an absolutely sparkling personality, but I think it’s safe to say he would not have. Lifetime exemptions amounts: Estates of decedents who die during 2024 have a basic exclusion amount of $13,610,000, increased from $12,920,000 for estates of decedents who died in 2023.
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SSHoya
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Post by SSHoya on Jun 7, 2024 12:02:01 GMT -5
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DanMcQ
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Post by DanMcQ on Jun 9, 2024 10:14:01 GMT -5
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hoyajinx
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Post by hoyajinx on Jun 10, 2024 13:55:23 GMT -5
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hoyajinx
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Post by hoyajinx on Jun 10, 2024 20:01:55 GMT -5
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SSHoya
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Post by SSHoya on Jun 10, 2024 20:05:21 GMT -5
Geez, sounds like a mobster a la the Grifter.
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DanMcQ
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Post by DanMcQ on Jun 10, 2024 20:37:44 GMT -5
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DanMcQ
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Post by DanMcQ on Jun 11, 2024 20:25:54 GMT -5
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hoyarooter
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Post by hoyarooter on Jun 11, 2024 20:56:54 GMT -5
I actually found Alito saying I agree a few times to the reporter to be not so hair raising. His wife, on the other hand, threw down some really bad stuff. Not on the level of Ginni Thomas bad, but still, really bad.
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