Challenge to KJ over Singer

[AndrewG]

Did you pay the federal gift taxes on these gifts above $11,000 per year (or less depending on the year)?

Deny, confuse, derail. Con man techniques. Right out of the textbooks.

https://gossrv.com/landing-page-newell/

Actually there is a lifetime exclusion on the Federal Gift Tax that's currently over $11,000,000. His wife would get one too. So unless they give away a bunch of those million+ dollar motor homes, they don't owe a dime in gift tax.

Check again. From Turbotax:

The annual federal gift tax exclusion allows you to give away up to $15,000 in 2019 to as many people as you wish without those gifts counting against your $11.4 million lifetime exemption. (After 2019, the $15,000 exclusion may be increased for inflation.)

Say you give two favored relatives $20,000 each in 2019 and give another relative $10,000. The $20,000 gifts are called taxable gifts because they exceed the $15,000 annual exclusion. But you won’t actually owe any gift tax unless you’ve exhausted your lifetime exemption amount.

Now, remember the law changed and when did he make the supposed transfer? Now read this:

https://www.schgroup.com/resource/bl...-and-jobs-act/

And finally let's go back a few years. From the IRS:

For 2004, the annual exclusion is $11,000. Therefore, you gener- ally can give up to $11,000 each to any number of people in 2004 and none of the gifts will be taxable. If you are married, both you and your spouse can separately give up to $11,000 to the same person in 2004 without making a taxable gift.

Remember, we're talking $1.3-million gifted.