Author Topic: Here, I give you a lot of money. What do you do with it?  (Read 2811 times)

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Offline Cyclopssss

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Re: Here, I give you a lot of money. What do you do with it?
« Reply #35 on: July 23, 2018, 01:19:21 AM »
Probably make a little home studio.
Maybe buy a small vacation home somewhere in France.
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Offline MrBoom_shack-a-lack

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Re: Here, I give you a lot of money. What do you do with it?
« Reply #36 on: July 23, 2018, 02:17:28 AM »
First, thx you very much!  :biggrin:

I would pay of my student loan and use the rest as savings and go on with my life as usual. Altough I might be tempted to buy a nice apartment or a house.

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Offline bosk1

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Re: Here, I give you a lot of money. What do you do with it?
« Reply #37 on: July 23, 2018, 08:24:37 AM »
Not to rain on everyone's imagined windfall parade,  it in the US any gift over 15k (for 2018) is subject to federal income tax.  So, knock about 135k or so (ballpark guess) off that number. 

Actually, no.  The donor is taxed as a gift tax.  It is not income to the recipient.  If it were, the government would be taxing the same amount twice, which the tax courts have repeatedly said is a no-no. 
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Online Podaar

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Re: Here, I give you a lot of money. What do you do with it?
« Reply #38 on: July 23, 2018, 09:00:48 AM »
Tax liability aside.

Since I'm nearly debt free, I'd finish that up first. Pay off my kid's student loans. Start a college fund for each of my grandkids. Hire someone to remodel my kitchen so I can stop swearing at the shitty layout. By then I should have more than half of it left.

Then I'd sell my interest in the business to the primary share holder. Retire. Buy a membership to the Country Club. Donate a pile to the women's shelter. Invest the rest.
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Offline JayOctavarium

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Re: Here, I give you a lot of money. What do you do with it?
« Reply #39 on: July 23, 2018, 10:05:39 AM »
I'd pay off my debts (Not a lot compared to some of ya'll).

Buy myself a decent vehicle.

Go on a nice vacation for a week or so.

And then find a way to make the rest of the money start working for me and grow.
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Online cramx3

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Re: Here, I give you a lot of money. What do you do with it?
« Reply #40 on: July 23, 2018, 10:13:47 AM »
The only debt I have is in my mortgage, and I probably won't spend half of this money on paying that off.  I'd probably throw like 20k into it, give me some monthly payment relief, but leave that mortage debt at the low rate I already have on it.  Instead, I'd buy myself a nice car, I am needing one soon enough and instead of getting say a new Civic, I'd get a nice luxury vehicle probably.  I'd take most of the money though and invest in something.  Not sure what, I'd have to research, but put the money somewhere for it to grow because I don't really need it, nor is it a life changing amount, but it should make my future easier in terms of retirement.  Continue life, but know I am safe for when I am ready to call it a career.

Online pg1067

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Re: Here, I give you a lot of money. What do you do with it?
« Reply #41 on: July 23, 2018, 10:19:09 AM »
Not to rain on everyone's imagined windfall parade,  it in the US any gift over 15k (for 2018) is subject to federal income tax.  So, knock about 135k or so (ballpark guess) off that number. 

That's completely wrong.  In my prior response in this thread, I mentioned that "the gift part [is] important because it would mean I have no resulting income tax liability."

A gift is (almost) never taxable to the recipient.

Gifts in excess of $15,000 must be reported by the donor (not the recipient) to the IRS, but no taxes are owed even by the donor.  If, at the time of your death, the amount of gifts in excess of $15,000 (or whatever the applicable exemption is from year to year) is less than the applicable estate tax, the estate tax threshold for your estate is reduced.  If the total of all such gifts exceeds the estate tax threshold, then your estate will owe estate taxes.  I may have some of the fine points wrong here, but the ultimate point is that the recipient of the gift will not pay any federal income tax on it.  This is pretty easily googled and researched at the IRS's web site - https://www.irs.gov/businesses/small-businesses-self-employed/frequently-asked-questions-on-gift-taxes
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Offline TempusVox

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Re: Here, I give you a lot of money. What do you do with it?
« Reply #42 on: July 23, 2018, 10:45:03 PM »
Not to rain on everyone's imagined windfall parade,  it in the US any gift over 15k (for 2018) is subject to federal income tax.  So, knock about 135k or so (ballpark guess) off that number. 

Actually, no.  The donor is taxed as a gift tax.  It is not income to the recipient.  If it were, the government would be taxing the same amount twice, which the tax courts have repeatedly said is a no-no.

You're correct, the donor would be required to file, not the recepient. And even then the donor taxpayer does not pay gift tax until they have given away over $5.49 million in their lifetime. However, if for some reason they accumulate over the 5 mil gift threshold, and then didn't pay the tax-- the IRS can go after the recipients for the tax from their reported share.
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Offline CrimsonSunrise

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Re: Here, I give you a lot of money. What do you do with it?
« Reply #43 on: July 24, 2018, 01:42:56 PM »
I'd retire on the spot.  What corner shall I wait on???   :biggrin:

Offline Samsara

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Re: Here, I give you a lot of money. What do you do with it?
« Reply #44 on: August 03, 2018, 10:20:24 AM »
Hypothetical scenario: I am a generous billionaire.

I'm walking down the street, I suddenly faint and you help me.

I want to thank you for your help, and I give your 500.000 $ (or euros. or whatever the currency is in your nation).

What do you do with it?

(I picked on purpouse a big but not exagerated amount, 500K is a lot of money but it's not a "buy an island and live on it forever and ever" amount of money, and it will eventually run out.... in order to be a bit more realistic and creative with the answers).

Say thank you, pay off the house, pay off my student loans. Anything left over goes into savings, although I'd take some of it and do something nice for someone else.
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