DC Tom Posted June 24, 2012 Share Posted June 24, 2012 You must be tired. Do I have to re-explain the difference between gifts, earned income, profits and cap gains? But she's profiting from the gift, so it should be taxed as profit. Link to comment Share on other sites More sharing options...
Chef Jim Posted June 24, 2012 Share Posted June 24, 2012 But she's profiting from the gift, so it should be taxed as profit. Windfall profit. She should be taxed as a windfall profit! Dumbass. Link to comment Share on other sites More sharing options...
3rdnlng Posted June 24, 2012 Share Posted June 24, 2012 So, I assume that all the donations to her are not tax deductible (in fact I know it) and tax has already been paid on it. Why in Hell's name should the government get a second bite? Link to comment Share on other sites More sharing options...
DC Tom Posted June 24, 2012 Share Posted June 24, 2012 Windfall profit. She should be taxed as a windfall profit! Dumbass. Now you're getting it. Plus, she didn't work for it, so it's not real money, and she's exploiting the working class. So, I assume that all the donations to her are not tax deductible (in fact I know it) and tax has already been paid on it. Why in Hell's name should the government get a second bite? Because it's a windfall. Link to comment Share on other sites More sharing options...
Chef Jim Posted June 24, 2012 Share Posted June 24, 2012 So, I assume that all the donations to her are not tax deductible (in fact I know it) and tax has already been paid on it. Why in Hell's name should the government get a second bite? But you know for a fact there will be those that will count their gift to her as a donation to charity. And it's only wrong if you get audited and most of those will not be audited. Link to comment Share on other sites More sharing options...
Bigfatbillsfan Posted June 24, 2012 Share Posted June 24, 2012 No, I'm not speaking for Tom. I'm giving him a pass on being a dumbass. And the pass is probably because of the latter reason. You my friend deserve no such pass. Do you understand why I'm calling you out as a dumbass here? Psychological Projection? Link to comment Share on other sites More sharing options...
Fezmid Posted June 24, 2012 Share Posted June 24, 2012 http://static.tvguide.com/MediaBin/Content/100830/News/Todays_News_Our_Take/5_fri/100903HappyDays1.jpg Link to comment Share on other sites More sharing options...
ExiledInIllinois Posted June 24, 2012 Share Posted June 24, 2012 But you know for a fact there will be those that will count their gift to her as a donation to charity. And it's only wrong if you get audited and most of those will not be audited. What is the status with the company that sponsered the 5,000 goal? Being a tax pro do you know the specifics on how that works? I am being serious here Chef and not clowning you... Can they just set up a "charity" for any darn cause? I read something that if it meets goal, they get 4% total funds donated If it doesn't meet goal, they get 9%. What is up with that... They get another 5% more for NOT meeting their goal? Huh? Sure they didn't take their cue from the public sector? What is the logic here? Link to comment Share on other sites More sharing options...
Chef Jim Posted June 24, 2012 Share Posted June 24, 2012 What is the status with the company that sponsered the 5,000 goal? Being a tax pro do you know the specifics on how that works? I am being serious here Chef and not clowning you... Can they just set up a "charity" for any darn cause? I read something that if it meets goal, they get 4% total funds donated If it doesn't meet goal, they get 9%. What is up with that... They get another 5% more for NOT meeting their goal? Huh? Sure they didn't take their cue from the public sector? What is the logic here? First off I'm not a tax pro. I assume you can set any parameters you want with regard to setting up donation funds. As long as they spell it out they can do whatever they damn well please. Doesn't mean anyone is going to use them. "For every $100 in funds we recieve we will donate $1 to charity." It's actually how charites work. Link to comment Share on other sites More sharing options...
ExiledInIllinois Posted June 24, 2012 Share Posted June 24, 2012 First off I'm not a tax pro. I assume you can set any parameters you want with regard to setting up donation funds. As long as they spell it out they can do whatever they damn well please. Doesn't mean anyone is going to use them. "For every $100 in funds we recieve we will donate $1 to charity." It's actually how charites work. Yeah... But what is the logic with a 5% gain for NOT meeting your goal. Punishment for setting up a stupid cause? And people knock the gov't!! Link to comment Share on other sites More sharing options...
Chef Jim Posted June 24, 2012 Share Posted June 24, 2012 (edited) Yeah... But what is the logic with a 5% gain for NOT meeting your goal. Punishment for setting up a stupid cause? And people knock the gov't!! It's not a gain, it's a fee. See the CA government. You also need some schooling on gain vs fee vs tax vs income vs stealing. BTW you don't have to do business with these rip off artists. We're forced to "do business" with the government. Edited June 24, 2012 by Chef Jim Link to comment Share on other sites More sharing options...
ExiledInIllinois Posted June 25, 2012 Share Posted June 25, 2012 It's not a gain, it's a fee. See the CA government. You also need some schooling on gain vs fee vs tax vs income vs stealing. BTW you don't have to do business with these rip off artists. We're forced to "do business" with the government. Fair enough. It just struck me as odd the fee. And rightly so that you are forced to deal with the gov't! Don't like it, move to China or somewhere else... You don't have to live here. Link to comment Share on other sites More sharing options...
Keukasmallies Posted June 26, 2012 Share Posted June 26, 2012 Supporting ALL of the Chef Jim comments above +1 Link to comment Share on other sites More sharing options...
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