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  • Gift Tax Law

    So much false stuff going around about gift tax law. This article breaks it down to an understable level.

    https://www.fool.com/taxes/2019/01/0...fore-havi.aspx

  • #2
    Originally posted by anonymoussearcher View Post
    So much false stuff going around about gift tax law. This article breaks it down to an understable level.

    https://www.fool.com/taxes/2019/01/0...fore-havi.aspx
    Thank you. Forrest said he spent time with a lawyer(s?) re the Chase. Seems reasonable that “i give you title” was part of the discussion. One small mistake in rhe article

    For 2018, that amount was $11.18 million -- far greater than most people will ever need to use. In 2019, the exemption rises to $11.4 million

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    • #3
      Originally posted by astree View Post

      Thank you. Forrest said he spent time with a lawyer(s?) re the Chase. Seems reasonable that “i give you title” was part of the discussion. One small mistake in rhe article

      For 2018, that amount was $11.18 million -- far greater than most people will ever need to use. In 2019, the exemption rises to $11.4 million
      Ok, ok. Be there soon to get it. I just love paying taxes. Not!

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      • #4
        Originally posted by astree View Post

        Thank you. Forrest said he spent time with a lawyer(s?) re the Chase. Seems reasonable that “i give you title” was part of the discussion. One small mistake in rhe article

        For 2018, that amount was $11.18 million -- far greater than most people will ever need to use. In 2019, the exemption rises to $11.4 million
        Question is , when and did he take the deduction ? I guess he did at time of creating a trust and used trust money to purchase chest and it's contents. Forrest is no dummy. Created a multimillion gift out of less than a million cost. And everything his family has from him just got more valuable. What a genius marketer !

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        • #5
          The treasure is not a gift, the gold and chest are secured in a Trust. This is evident in the fact he says, "I give you title to the gold". Thus, since the treasure is in a Trust as real property, Forrest is bequesting the title to the finder. As such, until the Treasure is sold, it remains in the trust as non-taxable asset.

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          • #6
            So should they tax the cart before the horse, or whichever came to town first?
            Miles up in the air he flew, He just murmured, Toodle-oo!
            Righty-O!

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            • #7
              Somebody better hurry up and find it then because you can't gift someone any amount once you are dead (then it's called a will or probate and there's very little chance the IRS or the estate will say this was an inheritance). And for those creative thinkers, you must have never dealt with the IRS if you think Fenn can pre-gift an anonymous person. The line of the tax form is quite clear - FILL IN THE NAME OF THE RECIPIENT! It's only a gift once you receive it and own it, otherwise, it's called an asset and the owner of that asset still owns it. Fenn has made this clear with the numerous statements that he can go get it at anytime. (there is a reason you can't gift anonymous people, the IRS knows you could gift future children in low tax years.)

              Once I take possession, then it's a gift. (although I believe this is a contest and the evidence is overwhelming in the form of a book for purchase that creates the basis of the contest. He told us to purchase his book and in return we get a shot at his treasure. That is not a gift. That = CONTEST!!! and the tax rules for contests are very clear. It's considered earned income if you work for it and we are definitely working for this.)

              Fenn could gift it to you if you bring it to him and let him have it back. But what if he keeps it, Lol. You can claim anything you want on the tax forms, but the eventual penalties for fraud would be more than the treasure is worth.

              But someone has to find it first, so worrying about taxes is like worrying about the blaze before you have wwwh.

              Comment


              • #8
                Originally posted by Walking Among Lions View Post
                The treasure is not a gift, the gold and chest are secured in a Trust. This is evident in the fact he says, "I give you title to the gold". Thus, since the treasure is in a Trust as real property, Forrest is bequesting the title to the finder. As such, until the Treasure is sold, it remains in the trust as non-taxable asset.
                So what you are attempting to say is the finder is a " beneficiary" of the trust. And you think the " distribution" occurs when ?

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                • #9
                  Originally posted by Indy View Post
                  Somebody better hurry up and find it then because you can't gift someone any amount once you are dead (then it's called a will or probate and there's very little chance the IRS or the estate will say this was an inheritance). And for those creative thinkers, you must have never dealt with the IRS if you think Fenn can pre-gift an anonymous person. The line of the tax form is quite clear - FILL IN THE NAME OF THE RECIPIENT! It's only a gift once you receive it and own it, otherwise, it's called an asset and the owner of that asset still owns it. Fenn has made this clear with the numerous statements that he can go get it at anytime. (there is a reason you can't gift anonymous people, the IRS knows you could gift future children in low tax years.)

                  Once I take possession, then it's a gift. (although I believe this is a contest and the evidence is overwhelming in the form of a book for purchase that creates the basis of the contest. He told us to purchase his book and in return we get a shot at his treasure. That is not a gift. That = CONTEST!!! and the tax rules for contests are very clear. It's considered earned income if you work for it and we are definitely working for this.)

                  Fenn could gift it to you if you bring it to him and let him have it back. But what if he keeps it, Lol. You can claim anything you want on the tax forms, but the eventual penalties for fraud would be more than the treasure is worth.

                  But someone has to find it first, so worrying about taxes is like worrying about the blaze before you have wwwh.
                  Assets added to trusts are done by gifting. Distribution is done for a beneficiary. How about Wonkas One Horse Land And Cattle Company ?

                  Comment


                  • #10
                    A Trust beneficiary must be named within 21 years from the Trust date of creation. After that, I'm not sure what happens, does the Trust become nullified and go through Probate settlement? If Forrest put the chest into a Trust of some kind, then a finder has until 2031 to find the chest and claim it as a beneficiary in which the chest will be protected in the Trust. Beyond that, I assume it would count as a Treasure Trove acquisition.

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