Re:Green handshakes & IRS
JaniceA is correct.
According to the IRS (2017), if someone gives you more than the $14,000, the giver must file a gift tax return.
The person who receives the gift owes no tax.
If someone gives YOU a gift, do you feel compelled to go to the IRS to pay tax on it, carla? Or do you just feel that EVERYONE else should abide by harsher rules than you do?
No, I personally had to pay tax on things that most people don't even know are taxed, that was on a state level.
If you have ever had a tax audit you would know how they can make you account for every penny and where it came from. That is why I asked the question Nate, no need to get snarky.
Do I think the wt should be paying taxes? yes, just like I do. They do nothing for society or the communities they live in. They do not help the poor, feed the hungry or anything else, they are just a business and should be treated as such.
So Nate, do they keep track of their green handshakes that go above and beyond the 14 grand and then declare it because they are such honest fellows?
Green handshakes go into a bank account and allows the then DO or CO to buy homes or apartment buildings for future revenue
I have seen it done....they live the good life..
carla, it seems you missed the point that when a gift is given in excess of $14k, it is the GIFT_GIVER who must pay the taxes, not the person who receives the gift.
If you have evidence of people giving gifts in excess of $14k, why don't you report it to the IRS?
I'm sure the wt & elders have evidence of lots of things they don't report, income being only one of many.
Here is scenario, let's say 1 kh has 3 congs in it. Each cong has 140 people. The CO visits each cong right? Let's say in each cong at least half the people are enamored by him and give him $75.00 each. 70 people x 75.00 = $5250.00 from 1 cong. Now let's say that kh has 3 congs in it and they also give the same amount. That CO has made 5250.00 x 3 = $15,750.00 from one kh. I am assuming the CO visits more than 1 kh in an allotted time period. All tax free because it is a gift.
Not a bad gig for the CO if you ask me.
carla, why limit your flights of fancy to a mere $75? Go for the gusto! Make it $75,000,000 dollars!
You are still missing the FACT that it is the GIVER - the GIVER, the GIVER, the GIVER - who has the tax obligation.
You are ENVIOUS of IMAGINARY people who are receiving IMAGINARY gifts. Try to get and maintain a grasp on reality.
I was able to build the UADNA Orbiting Space Platform because MILLIONS of XJWs each gave me gifts of BILLIONS of dollars each. I paid no tax on any of it. I don't recall you gifting me a cent however. It must be lost in the paperwork.
Here's another theoretical situation for you to ponder: how many pinheads can dance with an angel in WT HQ?
Also, it is $14000 from one single person to another single person.
Just take it out of religion, let's say someone graduates from college the student has a party with 200 people each person gives him 100 bucks, that is 20,000 dollars it isn't that the 20,000 dollars are over the threshold. No one would have to declare it because no one person gave the person over the $14000 threshold.
No, Nathan I got that on page 1. You apparently did not read what I said in the above post, "All tax free because it is a gift."
My point is the CO's could make any amount of money and never have to account for it. While the members who are often on very limited incomes just keep giving without even thinking that the CO may be doing considerably better than themselves financially. I was asking about the tax situation because I didn't know if they declare green handshakes as income for their jobs or not.
I had been reading something about criminals who were brought down not by their crimes but by tax evasion. Before your head explodes, yes, the CO money is a gift and not taxable for the CO. It just got me to thinking about money, the wt and their practices.