To: Beaten Valve
The president and his wife separately gave each daughter a $12,000 gift under a section of the federal tax code that exempts such donations from federal taxes. This story makes no sense. If you give more than the limit you have to fill out form 709, but it looks like the Obamas' gifts were below the yearly limit so no tax form at all would have to be filed.
20 posted on
04/13/2012 3:03:21 PM PDT by
KarlInOhio
(You only have three billion heartbeats in a lifetime.How many does the government claim as its own?)
To: KarlInOhio
This story makes no sense. If you give more than the limit you have to fill out form 709, but it looks like the Obamas' gifts were below the yearly limit so no tax form at all would have to be filed. I think the Obamas might have purposely kept their gift under the tax threshold. Isn't that illegal...structuring or some such?
22 posted on
04/13/2012 3:15:55 PM PDT by
Dianna
To: KarlInOhio
This story makes no sense. If you give more than the limit you have to fill out form 709, but it looks like the Obamas’ gifts were below the yearly limit so no tax form at all would have to be filed.
But in a high profile situation, you would still file the form to document the gift even if less than the required amt.
26 posted on
04/13/2012 3:40:21 PM PDT by
PeterPrinciple
(Lord, save me from some conservatives, they don't understand history any better than liberals.)
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