Dec 26, 2012

Booga Booga Booga! IRS Agents!

Flying McCoys, 12/25/12:
Ha! As any fool knows, gift tax is payable by the giver, not by the recipient. Also, gift tax only currently applies (again, to the giver) for gifts of over $13,000 for a single recipient.

The McCoys should really ask all of their billionaire buddies (who are likely gifting out to the tax limit at the end of this year, in preparation for the expected rise in rate for 2013) about how this stuff actually works.

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