Herman by Jim Unger for April 07, 2023

Old, joke, urban legend. But not true. In the US the receiver almost never gets taxed, and neither does the sender until for the first $17,000 gift (in 2023) for the year, and past that there is a $12.92 million lifetime exemption (for 2023), you need to file a form telling the IRS so they can track it, but you don’t pay until you exceed $12.92 million. About the only thing that might apply is if Grandpa put it in a 529 plan for his college and it exceeded the $17,000 for that year.

“Declare the pennies on your eyes…”

Taxman: One of the earliest Super Villains.

They’re everywhere

Let me tell you how it will be. It’s one for you 19 for me …

87,000 new fascist IRS employees will make sure you pay.

Prostitution may be the oldest occupation with tax collectors running a close second. Any ancient king, chieftain, or other kind of ruler, from the beginning of time, were eager to employ tax collectors to make sure they got money from the population for themselves.

The government needs money, and if they don’t take it from the masses the elite would need to pony up. And as we all know, that.. will not stand.

wait till they claim you didn’t declare your corner lemonade stand money – or didn’t get a selling permit – or didn’t factor in your SS tax on your money. Can’t pay up? no problem they run a loan shark program for the money you “owe” them. After all “, they” have to pay retirement benefits for unions in other countries as well as all the “woke/green” programs in this and other countries as well as the billions they need to keep wars both cultural and military, going so children are mutilated and killed – and finally don’t forget you have to pay “their” salary and benefits for life because they do such a good job representing you. —-oh yeah kid welcome to the world of political corruption, misrepresentation, and good ol’ fashion graft and greed – ain’t it grand! so sad how man thinks and acts on such a grand scale.

Why not? Grandpa did.

Not if it was a GIFT.

All those new IRS agents are at work

Thank you Jim and Bravo…

That’s why they hired 87,000 armed agents. So the Government will get it’s fair share…..

How about that money you got from the tooth fairy?

I guess that is what makes this long-standing joke, people hate taxes so much they ignore what the actual rules are. And the fact that the US Gift tax is actually an attempt to get rich people to pay their fair share, and not to tax the average person. The average person should almost never have to pay any gift tax, the tax is aimed at rich people trying to avoid taxes when transferring their wealth to their descendants.

Well kid, that’s just a fact of life. If a Supreme isn’t paying and religions aren’t paying (including Scientologists), then the po’ foke gotta make up the difference.

BTW, if you think it was a mistake then all you have to do is spend money for a professional and your time to explain it when they have you in their office.

Note of a true story. 20 years ago I was audited for a home office expense when my return was kicked out for review by the computer. Spent the time going through the records and self-prepared.

Made the trip and was in there for about 90 minutes including being questioned about another matter that I was not informed would be included. I won’t get into the minutiae but at the end the agent did a 180. Said he “saw how it happened” (that part of the tax form was eliminated later), and surprised the blank out of me.

Told me he was going to make a couple of other changes to increase my refund by $50 to cover my time and I should use it for a good dinner at a decent restaurant. I did look around to see if there were hidden cameras and wonder if some TV host was going to walk in and tell me to smile.

The kid needs to find a new tax advisor, because whoever told him that doesn’t know what he’s talking about.