I want to give dinar as a gift

[Upgradable]

I have a young, 23 year old, friend who is working her butt off trying to get a foothold into adulthood. I'd like to give her 50k dinar for Christmas.

Do I need to do anything special so that she can avoid any unexpected complications that may come with my gift?

[imjustme0502]

I heard it's best to give before it Rv's. (tax reasons)

[Captjohn]

I have a young, 23 year old, friend who is working her butt off trying to get a foothold into adulthood. I'd like to give her 50k dinar for Christmas.

Do I need to do anything special so that she can avoid any unexpected complications that may come with my gift?

Other than that you are limited to gifting $13,000 to any one person in a given year (not an issue here), there should not be any problems. If you bought and held the dinar for more than one year, the gain would be long-term for her when she would sell the dinar. Your purchase date (and cost basis) becomes hers, essentially. I gifted both of my children dinar which was held for more than one year. When they selll, they have copies of my original purchase documentation proving the date of purchase. What a nice gift......and one that will be truly appreciated.

[Upgradable]

Other than that you are limited to gifting $13,000 to any one person in a given year (not an issue here), there should not be any problems. If you bought and held the dinar for more than one year, the gain would be long-term for her when she would sell the dinar. Your purchase date (and cost basis) becomes hers, essentially. I gifted both of my children dinar which was held for more than one year. When they selll, they have copies of my original purchase documentation proving the date of purchase. What a nice gift......and one that will be truly appreciated.

So, if I give it to her now it would be worth MUCH less than the $13k, right? How do I document when I gave it to her?

[Grandpa Dave]

Hi Wonderwoman, Look up ExecCouncil Site. On one of his posts he designed a gift letter. Print it out , fill it out, and have it notarized before the RV and you should be just fine.

[debbiek92]

So do you have to hold it longer than one year or can you give it to them and let them hold it for more than one year in order to get the lower tax rate? I am new and not familiar with ExecCouncil site. Is there a web address or how would I access that?

Thanks much

[Upgradable]

Hi Wonderwoman, Look up ExecCouncil Site. On one of his posts he designed a gift letter. Print it out , fill it out, and have it notarized before the RV and you should be just fine.

Thanks, Grandpa Dave!!! Merry Christmas!

[thunderrb]

Give it to her pre-RV, Make sure you give her a Gift letter and have it notarized.. This is a generous Christmas gift, I'm sure she will appreciate your kindness..

[Grandpa Dave]

Hi folks. I may have had the name wrong. Its---ExecConsult. Go to the members list and look him up and check out his posts. You should find it. I just had the last of our gifts notarized yesterday so you might want to do this as fast as you can. If you need more help, just holler.

Hi folks. I may have had the name wrong. Its---ExecConsult. Go to the members list and look him up and check out his posts. You should find it. I just had the last of our gifts notarized yesterday so you might want to do this as fast as you can. If you need more help, just holler.

[2DZIRE]

I have a question: What if they dont live anywhere close to you to have them sign the letter?? Thanks for your help

[Upgradable]

Thanks, I've just completed the letter and will take it in to be notorized tomorrow.

And 2DZIRE, the recipient doesn't have to sign the letter, just you, the notary, and two witnesses. Hope that helps.

[Grandpa Dave]

I dont think you need any wittnesses. The notary is just to verify who you are by your identification, and to verify it was you and your signature on the document. We didnt have any wittnesses and there was no problem.

[prettybaby]

I have a young, 23 year old, friend who is working her butt off trying to get a foothold into adulthood. I'd like to give her 50k dinar for Christmas.

Do I need to do anything special so that she can avoid any unexpected complications that may come with my gift?

I looked for ExecConsult and could not find a copy of the gift letter. If you were able to locate the gift letter, will you please send it to me. Thanks

[Upgradable]

Here you go PrettyBaby.

[DaveH]

just give it to who you want, forget about documents, you give it, they cash in and pay the taxes, simple

[zantac]

I thought you are Wonderwoman.

You can run fast, bend iron bars, jump over buildings, make men fall at your feet, moan constantly, ask silly questions.

But you cant put out the trash, take the dog for a walk, cut the lawn, tolerate mother in law at Christmas, hear things only when you want & drink alcohol until you cant see but still find your way home at night.

Only kidding

Just give them the money & kiss them.

Regards

Steve Austin (Superman)

[Upgradable]

Zantac, isn't Steve Austin the Six Million Dollar Man?

[Hopeful Leo]

Just write her a "receipt" that states it was a gift and the date....she'll need it for taxes. Maybe have it notarized.

Edited December 20, 2010 by Hopeful Leo

[hrdbawl]

just give it to who you want, forget about documents, you give it, they cash in and pay the taxes, simple

You are dead on davhina. All the other posts are really driving at a true "gifting" scenario that is up and over the $13,000 limit's. Anything less does NOT need to be proven so simple buy a Christmas gift card that you can slip money into and budda bing budda bang, you have gifted, LEGALLY, some money to your friend.

Think about it...do you have to do a letter if you gave her $10, $100, $1,000? Nope! You just hand her cash. This is exactly what you are doing here. The key (if it ever came up which is so remote I cannot begin to tell you) is to have her cash in AFTER the RV obviously and all is fine. If you feel better with the letter, so be it. It isn't necessary though.

[Upgradable]

Thanks, Hardball. She knows about dinar, but doesn't have any money to invest. I want her covered, but don't want to freak her out with notarized documents or certificates of authenticity if they're not necessary. I appreciate all the advice.

[prettybaby]

Here you go PrettyBaby.

Thank you

[carlablum]

My brother in-law won the lottery a couple years ago and he wrote a $12,000 check to his five brothers and sisters. We didn't report it becouse he gave it to us as a gift for Christmas. He was told that anything over 12,000 would be taxable. This was just my personal experience.

[hrdbawl]

My brother in-law won the lottery a couple years ago and he wrote a $12,000 check to his five brothers and sisters. We didn't report it becouse he gave it to us as a gift for Christmas. He was told that anything over 12,000 would be taxable. This was just my personal experience.

Which at that time WAS a gift tax over $12k. Today it is $13k, as we have discussed. When you give more (trivia purposes) than the minimum, there is an implied tax called a "Gifting Tax". This is not cheap (I think it starts at 35%, seek counsel) and taxed to the one giving the gift. They file a form 709 for amounts over $13k in the year 2010 and 2011. Needless to say, there are better ways to give more than the maximum. NOTE: If you gift more than the max and don't file the appropriate documentation, then nothing really happens UNLESS the IRS audits you or the gift recipient for any reason and finds this gift having been given. Than penalties and taxes become the consequence of course. Just some info since it came up in this thread. Hope it helps.