Conversation

Notices

1. Rasterman (rasterman@detroitriotcity.com)'s status on Monday, 13-Nov-2023 20:59:58 JST Rasterman
   Modern art.
   • luithe and Machismo like this.
   • LS (lain@lain.com)'s status on Monday, 13-Nov-2023 21:22:40 JST LS

     in reply to
     @Rasterman i've seen this posted a lot, but it doesn't work. you can't both donate $20m from a cost basis of $25k and claim $20m in deductions while not also paying capital gains tax on $20m - $25k.
   • cell (cell@pl.ebin.zone)'s status on Monday, 13-Nov-2023 21:31:25 JST cell

     in reply to

     • LS
     @lain @Rasterman >capital gains tax
     this is where you should move to a better tax jurisdiction :blobcat3c:
     LS likes this.
   • 🐘🐘 Humpleupagus 🐘🐘 (humpleupagus@eveningzoo.club)'s status on Monday, 13-Nov-2023 21:35:06 JST 🐘🐘 Humpleupagus 🐘🐘

     in reply to

     • LS
     "Annual income tax deduction limits for gifts to public charities, including donor-advised funds, are 30% of adjusted gross income (AGI) for contributions of non-cash assets, if held more than one year, and 60% of AGI for contributions of cash."
     
     They have to hold for more than a year and even then only get to deduct 30% of their agi at most. And still, they have to prove the value of the asset, and the irs doesn't buy bullshit.
     
     If you want a run down on tax scams search for "commissioner vs. Church of scientology" or the like. If there's a tax scam, they've tried it. I'm not kidding.
     LS likes this.