DOES ANYBODY HAVE A IDEA OR ANSWER FOR ME

[mariejose]

HI--JUST FOR HYPOTHECTICAL THINKING, IF A PERSON HAS LIKE 3 KIDS ALL MINORS- AND THIS PERSON HAD 300,000 DINAR AND DECIDED TO GIFT EACH CHILD WITH 100K OF DINAR HOW WOULD THAT WORK AS FAR AS TAXES GO? I'M ASKING THIS FOR A FRIEND.

[Deneco]

mj - I have 2 kids that I gave dinar to...I just prepared a simple statement which shows how much dinar I gave them, and when i gave it to them, and how much it was worth at the time.

Each one signed the form letter with name, date, SS#, and we had a friend witness the transaction.

Simple, but covers everything...I also gave them each a copy of the receipt on which I bought their dinar, and made a color copy of front and back of each of their notes.

[nene052700]

HI--JUST FOR HYPOTHECTICAL THINKING, IF A PERSON HAS LIKE 3 KIDS ALL MINORS- AND THIS PERSON HAD 300,000 DINAR AND DECIDED TO GIFT EACH CHILD WITH 100K OF DINAR HOW WOULD THAT WORK AS FAR AS TAXES GO? I'M ASKING THIS FOR A FRIEND.

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I was told you can only gift up to $13000.00 tax free. I dont know if this is accurate, just what I heard!!

[Deneco]

I'm not sure of the exact gift-tax laws, but I know that YES, there is a limit to what you can give as a gift without the recipient paying tax. BUT, if you give the gift of dinar BEFORE it RV's, you're giving very little in the way of dollar value...that's why in the document that I had my children sign, I showed that I gave them (for example) 50000 dinar, and it was worth $42 (or something close to that), therefore you don't have to worry about crossing a tax line.

[joe liberst]

Give it to them before the RV. That way you are giving them only around $100 dollars, that is way under the $13,000 limit. They will have to pay taxes on the profits if it RVs. Just make a quick note stating that you gifted X amount of dinars worth X amount of US dollars on ---Date---. You sign it as well as them.

If you wait until after the RV, you will have to pay taxes on the profits + the gift tax.

[asdddddddddddd]

as long as you gift it BEFORE the rv you're fine because it is practically worthless. like deneco said, document when and how much you gave each child. after rv 100,000dinar will more than likely be over the $13,000 tax free limit.