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REPORT COPYRIGHT VIOLATION IN REPLY
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Message Subject
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Does anyone know how to give 50,000.00 to a friend without them having to pay a gift tax??
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Poster Handle
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Anonymous Coward |
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Post Content
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You're willing to give a friend $50k but scoff at paying a CPA $250/hour for sound advice?
Quoting: Anonymous Coward 83133948 That is the mindset that put him in the position to be able to lend 50k in the first place. I understand it. So, you're saying that the truly wealthy refuse to pay for the best accountants and tax attorneys money can buy? There's times to pinch pennies, but I don't think that time is when you're trying to lower your tax liability to the IRS.
But, I would rather find out for free, if possible the best direction to take, and give that 250.00 to someone else rather than pay it for a 15 minute conversation to a CPA that is 'truly wealthy'.
My first thoughts were just loaning him the money, in a legal and binding way, for an extremely long time, at an extremely low rate, so in essence it would feel like it was basically given to him.I hear you. I'm quite the penny pincher myself. I just feel that money allocated to lowering you tax liability is money well spent. The last thing I want is a surprise when I go to file my taxes because I took free advice from someone that may have given bad or outdated advice.
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