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View Full Version : Gifts and tax consequences



Robert A Whit
11-19-2012, 01:45 PM
This is of no concern to most of us, but giving things away can put you into a hurt with the IRS.

The word I use for the Fed Govt is GREEDY.

We hear Democrats scream the word GREEDY when it comes to the rich, but when the rich give away a lot of money, they end up paying MORE taxes.

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currently in the news.
Nicolas Cage continues to chip away at his massive tax debt ... one sequel / three-quel at a time ... 'cause the actor paid off another tax lien, to the tune of $600k!!!
TMZ broke the story ... Cage was hit with a federal tax lien back in 2011 ... for $624,934.64. Seems he forgot to pay taxes on some really expenses gifts he gave out between 2004-2009.