06-08-2024, 02:55 PM
(06-08-2024, 12:26 PM)pally Wrote: I'd be curious if Justice Thomas declared these "gifts" on his taxes.
(06-08-2024, 01:01 PM)Sociopathicsteelerfan Wrote: Which again raises questions about the nature of said gifts. Is staying for free at a resort something you have to pay taxes for? Is hitching a ride on a private jet something you pay taxes for?
Ahem. *cracks knuckles* I may be trying to get out of the accounting world, but I am still in it currently and of course have the background for this sort of thing.
So, gifts are taxable, but the tax is not paid by the recipient. Rather, the person giving the gift is responsible for reporting them on their returns and paying a tax. There is an excluded amount, which in 2024 is up to $18,000 and has been raising by $1,000/year for a little over a decade now. With this being the case, any gifts received by Thomas by an individual donor that exceeded the amount for the exclusion in a year would have to be recorded on the donor's tax returns. So if the resort stay and private jet were gifted by the same individual and the FMV exceeded the year's exclusion amount, then they would have to pay taxes on it.
Gift taxes are very annoying.
(06-08-2024, 01:44 PM)Mike M (the other one) Wrote: If Trump wins, think Thomas will retire?
100%. If Trump wins (especially if the GOP takes the Senate), both Trump and Alito will retire.
"A great democracy has got to be progressive, or it will soon cease to be either great or a democracy..." - TR
"The test of our progress is not whether we add more to the abundance of those who have much; it is whether we provide enough for those who have too little." - FDR
"The test of our progress is not whether we add more to the abundance of those who have much; it is whether we provide enough for those who have too little." - FDR
