Have a quick, but somewhat complicated, tax question for you,

Gifts are not taxable to the recipient under most cases. The person who GIVES the gift files a gift return, and may owe taxes if the gift exceeds certain annual or lifetime limitations.

Whether this affects your unemployment I do not know.

>>1680022

Does this apply to gifts from a corp to an individual as well?

>>1680033
Same guy on mobile. Gifts are gifts. Doesn't matter if it's from a corporation.

Your only real risk is if the Corp files bankruptcy. If that happens, you might be liable for the difference between what you paid and fair value. If you got a real sweetheart deal, it could get challenged.

>>1680059

I've seen a bunch of conflicting info about this. Some of it says that the recipient of the gift is required to treat it as "other income" and it is fully taxable. In this case, I might have some issues, as I was claiming unemployment at the time of the transfer.

Other places say that only the giver (in this case the corporation) pays tax and that the tax is divided among company shareholders. This is confusing as fuck.

>>1680085
>This is confusing as fuck.
That's because you're trying to scam the system. The transfer wasn't a gift, but you filed it as a gift to avoid paying the vehicle transfer tax. In reality what you probably have is a below-market sale, resulting in imputed income equal to the difference between the sale price and fair market value. And yes, you'd owe income on that imputed income.

You need to decide if you're going to treat it as a gift or not. If yes, as you've done so far, then follow through and treat it as a gift until someone challenges it. Or if you're scared, then go back and treat it as a sale and be prepared for the tax consequences.

Tax issues aren't always black and white. You take a position and you hope the IRS agrees. If not, you either fight them or bend over. This is no different.

>>1680135
>The transfer wasn't a gift, but you filed it as a gift to avoid paying the vehicle transfer tax

I actually brought in the paperwork filled out to transfer it as a sale, but the clerk told me to do it as a gift.

If I continue to treat it as a gift, is there anything else that I need to file at my end when I file my taxes? What is they risk that I get fucked on this?

>>1680162
>but the clerk told me to do it as a gift.
Sorry, but the clerk at the DMV isn't qualified to give tax advice. They were being nice and saved you a few bucks, but that doesn't mean you followed the law.

>If I continue to treat it as a gift, is there anything else that I need to file at my end when I file my taxes?
No.

>What is they risk that I get fucked on this?
Normally, very small. The fact that it's associated with a larger business sale transaction might draw some extra attention.

>>1680188

Thanks for the help man. This had me kind of worried.

bump for second opinions

>>1680479

No worries until corporation goes into insolvency (might it come to that). But even with insolvency only deals made year prior to insolvency are evaluated by court, so after a year you can feel safe.

T. Tax lawyer

>>1681088

What is the worry with insolvency? Also, do I need to make sure that the guy files gift tax paperwork when he files his taxes or is that all on him with no consequences to me?

>>1681088
>But even with insolvency only deals made year prior to insolvency are evaluated by court, so after a year you can feel safe.
>T. Tax lawyer
Stick with tax advice, anon. The statute of limitations for fraudulent conveyances can be three years or longer, depending on state law. The one year limitation only applies to Section 548 actions under Title 11. It doesn't preclude state law avoidance claims, which almost always have longer SOLs.

>>1680001

Damn nigga I know some tax stuff but I think you need to ask a CPA about this one.

Just call a few, they'll usually give you a quick tip or two for free. Especially if you tell them you'll likely file your taxes with them.