Travis

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Travis
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  • Any American tax professionals out there?

    I want to disclaim this before getting going. Gift taxes are not my desk, and while I did learn about them in getting my certification (I'm an EA, not a CPA), much like the Spanish and German I learned in high school, it's all Greek to me now (rimshot). Ultimately, this is not professional advice as I really am not qualified to give it, even if my qualifications would say otherwise. If you have any questions about 1040 type stuff or small scale corporations, I'm much better equipped there.

    That said, the current annual exclusion is $15k as you mentioned. To the best of my knowledge there is nothing to do if you don't cross that threshold. The only exception I can think of that would make me wrong is if you have filed in the past and you have to do the sort of filing whose only point is to maintain the calculation, but I'm ~95% sure it is just not something that needs to be done. Also, double this for a married couple, but make the gifts separately (2 checks for $15k, or make sure that property is jointly owned, which in most cases it will be).

    You are also correct about the lifetime amount (looked it up to be safe). You need to file if you're over $15k for a gift, but it will be entirely offset. The thing that I really can't guarantee, but only state my somewhat educated belief is that there is no implication to your final estate if it ends under that amount. It makes sense because the lifetime exclusion seems to line up with the total exclusion for the estate. That said, I just don't know all of the mechanics concretely. Gift taxes aren't my bailiwick.

    I'll try to keep an eye on this thread, but if it all still goes without a concrete answer in a few days I can ask my boss and I'm sure he can rattle off whatever you need. I just don't want to bug him, particularly on a Friday when he only works a half day.

    Hope that helps.

    adobo1148awookieeHatorianNoel
  • What grinds my gears (today)

    Hatorian said:
    Travis said:
    Hatorian said:
    People telling me what to do with my money…

    If I want to burn it in front of you that’s my choice…I earned it..not anyone else…foh

    #freebritney

    Also for what it's worth, I know I went on a bit of a Branson/Bezos rant yesterday, but I don't believe that I should have any power over how they spend their money. I just don't think the news should masturbate over their bank accounts and pretend that they're doing something so great for society about it. It's a news story, but it shouldn't be an hour + long news story, complete with a super transparent propaganda speech from Virgin Air's head of PR.
    Travis said:
    Hatorian said:
    People telling me what to do with my money…

    If I want to burn it in front of you that’s my choice…I earned it..not anyone else…foh

    #freebritney

    Also for what it's worth, I know I went on a bit of a Branson/Bezos rant yesterday, but I don't believe that I should have any power over how they spend their money. I just don't think the news should masturbate over their bank accounts and pretend that they're doing something so great for society about it. It's a news story, but it shouldn't be an hour + long news story, complete with a super transparent propaganda speech from Virgin Air's head of PR.
    Most of their money is in stock anyway. If they tried to sell it to appease people their companies could tank. Also they lose control over THEIR companies. I ain’t telling them to do that. 
    I did want to, much, much more quickly respond to this. Maybe that's an inherent problem in our system. Maybe it is his problem, or Amazon's problem that he has his wealth on such singular footing. I mean, aren't you kind of saying that Bezos is "too big to fail (to call back to the bank crisis)?" I mean, equity is real dollars, and it's true that from a tax perspective it would be insane to try to quantify some sort of "unrealized basis valuation" year over year, but these companies run rough-shot over everyone and hide behind "unrealized gains" to achieve massive wealth without needing to pay the bill. It's a real problem. A giant problem.

    Hatorian
  • Last Movie You Saw & What Did you Think

    awookiee said:
    Travis said:
    My wife and I checked out The Tomorrow War last night and I enjoyed it quite a bit. Very tense and engaging. I felt like there was more they could do with the concept. Kind of a pacing thing, but a conceptual one. Too much time on certain things and not enough exploration of the possibilities in other areas. I want to be vague so I don't spoil anything, but I wonder if anyone who has seen it knows what I mean. Anyway, feels nit picky to even get into it because I did really enjoy it. I was impressed by "the female lead from Chuck" whose actual name escapes me a couple of times. There was a moment or two where she hit a gear that I wasn't aware that she had.
    She also has a major role in The Handmaid's Tale. I'm not 100% sure on what you're meaning but I have an idea. I thought the movie was pretty decent. It's certainly not perfect but I will admit, their sound mixing in regards to bass was perfect for me  :D 


    I've actually never seen The Handmaid's Tale. I'm certainly curious and I hope to someday, but it's kind of the same way that I've never watched Schindler's List. Despite knowing that it will be amazing in both quality and purpose,  I also know that I'm in for a super unhappy ride. I didn't know she was on it. Interesting. I only really know her from Chuck and Dexter. 

    In trying to super vaguely go a little further, I guess it's no big secret that time travel plays a major role (right there in the trailer) and I think that they way that they did the time travel leaves room for a lot of interesting possibilities if they had done more with it. I feel like they missed opportunities and that there were ways to reallocate their time to fit it in.

    awookiee
  • What grinds my gears (today)

    You know what bugs me? You want to take the high road when discussing things that can be passionate (no, doesn't have to be politics. Could be music, movies, the best smoothie in town, etc.) but when you just kind of let someone be shitty to you and try really hard to see where they're coming from, but they don't give you the same respect and then you just get kind of steam rolled so they walk away thinking they've just kicked your ass in the conversation, but really you just didn't want to go into the mud. I've wrestled with this on various topics lately. I mean, I feel like the internet is kind of the end of rationality sometimes and even though it ramped up majorly in the internet era it's not contained there. I don't know, just saw this thread and I'm in a weird headspace.


    Also, fuck yeah #FreeBritney
    You know where the people who are controlling her lose every ounce of their credibility? The moment you make her perform with the added stress that comes with that whole thing you can't say that you're looking out for her because she's unstable. This whole thing is so transparently bullshit.

    HatorianMichelle
  • TV Shows You Started, But Never Finished

    I gave up on Mad Men after a season. That season was a real labor for me and frankly I was pleased to find a sensible offramp. I just didn't care about anything that was happening and the values of the time made me squeamish and it was just not my jam.

    I am kind of bummed that we never finished Bates Motel. Wasn't for a lack of appreciating the show, and particularly the performances, but it was pretty triggering for my wife and certainly made me uncomfortable. I imagine coming back for the last season at some point but it never seems to happen.

    I'm also bummed that we lost the thread on Mr. Robot. I wanted to come back after season 2, but it just eluded us. I think my wife lost interest too which makes it trickier because we watch stuff together.

    It was actually a little tough to quit the CW DC verse, but it was becoming really overwhelming and Arrow (the flagship for us) hit a rough patch that I don't know if it ever recovered from. If they had only cast that female lead better... You just can't take away how good Season 2 was though. I hear Legends of Tomorrow is a really fun show and I have considered trying to go back for that one.

    I liked AHS, but I only finished one of the 3 seasons that I tried. I like the show, but it just doesn't make the cut.

    I'm glad that this thread reminded me about Devs. I have a feeling that I will end up dissatisfied, but I did want to continue.

    Anyhoo, there are tons more but those came to mind. Oh shit... we never finished season 4 of Fargo! How did that happen?

    awookiee