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KarenJ's avatar

Stuck at $43,999...

I've seen opinions that lean toward "No, each donation is a 'personal gift' and as such, is not taxable".

Who pays the gift tax?The donor is generally responsible for paying the gift tax. Under special arrangements the donee may agree to pay the tax instead. Please visit with your tax professional if you are considering this type of arrangement.What is considered a gift?Any transfer to an individual, either directly or indirectly, where full consideration (measured in money or money's worth) is not received in return.What can be excluded from gifts?The general rule is that any gift is a taxable gift. However, there are many exceptions to this rule. Generally, the following gifts are not taxable gifts.1. Gifts that are not more than the annual exclusion for the calendar year.2. Tuition or medical expenses you pay for someone (the educational and medical exclusions).(etc.)

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SusieQZee's avatar

What I want to know is what is the difference between a few thousand people giving this dude $60K (or whatever he wound up getting) and a few million people sharing a very small portion of their income to help those that can't work due to a disability, those that are ill, a lack of available jobs that pay above poverty wages, etc called public assistance. I guess you could call it "charity" but hey, its what we do here in America. We take care of our own. Or at least we used to until the "I got mine and piss on the rest of you" folks took over.

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