Is there a way to give a lot of money to someone without paying

You dumbfuck

Gifts are untaxed, especially from family members

>>1557754
Nope. There is a max of something less than $30,000 per person per year that you can receive as a gift untaxed.

>>1557750
credit shelter trust.

poor people do illegal stuff to avoid taxes.

if you've actually got money to protect go talk to a financial planner.

>legal
>tax evasion

They're called write offs. There's no such thing as "legal" tax evasion.

I think you can write off up to 3 thousand dollars per individual as a gift if they are unrelated, and up to 10k per year from blood relatives. You don't even have to claim them, I believe.

>>1557750
Use Bitcoin.
Literally buy Bitcoin and send it. Do it in blocks of 2-3 BTC if you're worried the IRS might be monitoring the ledger for large transactions.

>>1557761
There are no loopholes? I know I can't buy a million dollar house and sell it to my son for $5? Is there some way to reduce taxes?

>>1557770
If I receive and sell the bitcoin will I have to pay an income tax on that? Won't the IRS get suspicious if I somehow purchase a home with no job or some other ridiculously expensive purchase?

>>1557779
>If I receive and sell the bitcoin will I have to pay an income tax on that?
Only if you get caught.

>Won't the IRS get suspicious if I somehow purchase a home with no job or some other ridiculously expensive purchase?
Absolutely. You won't get away with it if you're going to make a large purchase like a house.

>>1557758
There is an exclusion where you don't have to report of $14,000. After that the giver is allowed a lifetime exemption up to $5.74 million that counts against estate tax exemption.

>>1557794
The 14k is an annual exclusion.

Can't he give it to you over time? I know plenty of trust fund kids that are funneled money every month from their parents and I know for a fact they aren't paying taxes on it. They just get money transferred into their bank account monthly.

>>1557801
>trust fund kids
>trust fund

you jokers seriously don't know what a trust fund is for?

it's so you don't have to pay taxes on money you give your kids.

>>1557795
You mean you can be exempt of up to $14,000 per year up to 5.74 million lifetime but if you gave 14000 per year it would take 410 years to finally finish paying out. You likely won't even live to 100. How am I misunderstanding this?

>>1557806
That's... literally what he just said.

>>1557807
$14K per year is exempted. $5.7 million is a different category. So if you wanted to get all the money in one year it would be 5.7 million + 14K for that one year. After that your 5.7 million is exhausted any you can only give 14k tax free after that. if you give $1 above the 14k in the years after exhaustion, it is taxed like 40%. Also any estate tax exemption will be exhausted, so the inheritance after death will be taxed at 40%.

>>1557750
>lot of money
Give me a figure and then I can give you a few crazy options. Also is the person you want to give money to: minority, women, family?

>>1557806

Yes obviously that's what a trust fund but I didn't mean it in the literal sense this time if you read the context. Rather than using an actual "trust fund" they have money transferred into their bank account monthly from their parents account. Like I said.

>>1557835
It would be a transfer between family. I think my dad would try to send me something like 20 million. I'm not a minority except I'm technically 1/8 th Hispanic. I'd still be interested in hearing about how being a minority or woman affects things though.

>>1557893
>Rather than using an actual "trust fund" they have money transferred into their bank account monthly from their parents account. Like I said.
yes, I got that.

thus my comment.

the trust fund itself is a vehicle for transferring large amounts of cash to your kids all at once without paying taxes on it.

I just think it's funny /biz/ doesn't know this.
even after I've said it twice itt