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I got some good advice here. Maybe I have decided to just get my money back and terminate SSI. I want to find a honey and share it with her. Buy a house, cars, business....
I think that would be a wise decision, except for the spending it part. A house makes sense, but "cars" plural? Buy the house and a decent car and save the rest, especially if you're young. I can't believe you'd even consider still living like a pauper just to get a $1500 or so monthly check.
Why isn't it accurate? Even if the settlement isn't taxable for OP, it's not a settlement made out to the person he gives it to. It's simply a gift from OP to that person in that case. If someone gives you $100,000, you have to pay tax on it. The person can't say "I'm just hiding it for a friend" (aka laundering his money).
This too is inaccurate. Maybe you don’t understand gifting and taxation and by maybe I mean you don’t understand. The OP could be liable for the taxes but could also apply the dollar figure against his lifetime exemption. In either event the recipient doesn’t have taxes due
OK, again, OP now that you have let us know that you are posting from a psych ward... If you ever come into any kind of money, please just hire a professional to make sure that your taxes get straightened out AND to protect your interests. You sound like a vulnerable person and if in fact you came into money like that then you'd be at risk of being taken advantage of.
But before you go barking up the city's tree or calling lawyers, maybe ask your doctor if Seroquel is right for you. It sure helped a relative of mine.
This too is inaccurate. Maybe you don’t understand gifting and taxation and by maybe I mean you don’t understand. The OP could be liable for the taxes but could also apply the dollar figure against his lifetime exemption. In either event the recipient doesn’t have taxes due
Thank for that. I still don't see how this would work though. The article says one of them has to pay the gift tax, that usually it's the donor but can be the giftee. But in this case OP cannot do it either now or later, because he would have to accept the money himself first, which defeats the whole purpose of what he is asking about, which is hiding the money so no one finds out he ever had it. I shouldn't have used the analogy of gift, because she couldn't claim it as a gift without getting OP in trouble, it would just be $100,000 she/he would have to come up with some kind of explanation for.
Also if they went to a bank and he simply signed a million dollar check over to that person, wouldn't the bank report that?
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