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Strange tax question
Ok, I'm sitting here watching "Extreme Makeover: Home," and it reminds me of a question.
I heard, when Oprah gave away all those cars, that the problem for the receipents was that they were going to have to pay the taxes on them. Even if Oprah paid the taxes, they would then have to pay income tax on the extra amount.
Is this true? What about people that are given homes? Do they have to pay some sort of "gift tax" on them?
If so, it'd almost make one want to refuse the gift, seeing as mostly people with lower income receive them. They are in a particularly poor position to pay those taxes.
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2010 528Xi
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Originally Posted by Eric5273
You have to get over the whole 9/11 thing buddy.
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Originally Posted by Winston Churchill
Socialism is a philosophy of failure, the creed of ignorance, and the gospel of envy, its inherent virtue is the equal sharing of misery.
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06-11-2006, 08:21 PM
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