Paid mine today and it was a doozy.

We took advantage of tax free gifting to our sons, I read the President did so for his girls.

 

 

President Obama and his wife, Michele, gave a total of $48,000 in tax-free gifts to their daughters, according to tax records made public on Friday.   The president and his wife separately gave each daughter a $12,000 gift under a section of the federal tax code that exempts such donations from federal taxes.   There is nothing illegal about the president’s taking advantage of this tax shelter, but it does raise eyebrows given that he has lamented the myriad tax exemptions used by the wealthy—“millionaires and billionaires” like himself—to pay less in taxes. He has yet to propose a comprehensive plan to reform the byzantine tax code.

 

Good for them!! We tried a few times to get our dad to pony up. Glad now he didn't :)

 

My point exactly. I am not sure why others took it negatively.If you were my daughter, i would have gifted you.  :)

I kinda felt the same way but was afraid to post it cause I didn't want to seem like I was bashing Obama. Yes he has the right to use this loophole but he seems to preach another story.

My father gifted one year after my mother passed and none of us felt comfortable with it. I think he felt so lost or maybe it had something to do with taxes but anyway we told him not to after that. I would rather see him enjoy life without any issues when it comes to money. He worked long and hard his whole life and deserves to enjoy the fruit of his labors. I have had some family members go to him when they needed help and I think it made him feel good to help when it was truly needed.

" Well, until the law is changed, he's free to do so.  As are you and everyone else. "

 

Well duh that's what we say, it's not what you and Obama say about stepping up to the plate and paying your fair share.

 

Big difference but I like your idea, we say the same thing.

I kinda felt the same way but was afraid to post it cause I didn't want to seem like I was bashing Obama. Yes he has the right to use this loophole but he seems to preach another story.

 

It is not a loophole. The purpose is to allow people to give gifts up to a certain amount without incurring a tax. Beyond that the point is to try to prevent tax free wealth transfer. Would you like the government to tax you for any gift you give regardless the amount? SO yes it does sound like you are bashing Obama and haven't actually thought through the purpose of the law.