First Jared is horrible at running a business but the Saudi’s gave him money to set up a hedge fund and he has no experience running that type of business.
Next It has been a few years and Jared still has is not reporting his hedge fund returns if he was making any money well Hedge funds advertise that news quick to get more investors. If he was making money it’s not a gift it’s an investment. Hedgefunds loose money all the time but Jared’s problem is his money was a gift.
if I give a guy with no arms or legs a million dollars to paint my room and the guy has no painting experience and failed finger painting in kindergarten ( Similar to Jared’s failed business experience) would the IRS not call that a gift)?
Just how many years does Jared have to show a return before the IRS calls the Saudi money a gift? Oh wait the gift tax should have been applied as soon as the gift was given, given Jared’s lack of experience and failed business experience.
Does interest apply from the start when Jared got the gift?
The gift tax is a tax on the transfer of property by one individual to another while receiving nothing, or less than full value, in return. The tax applies whether or not the donor intends the transfer to be a gift.
The gift tax applies to the transfer by gift of any type of property. You make a gift if you give property (including money), or the use of or income from property, without expecting to receive something of at least equal value in return. If you sell something at less than its full value or if you make an interest-free or reduced-interest loan, you may be making a gift. www.irs.gov/…
So the giver has to pay the tax that would be the Saudi’s have to pay some money. However
Taxpayers typically only pay gift tax on the amounts that exceed the allotted lifetime exclusion, which was $12.92 million in 2023 and $13.61 million in 2024. Gift tax rates range from 18% to 40%.
Gifts over face a 40% tax if the gift is over the lifetime exclusion of $13.61 million
I don’t know if the Saudis would also have to still pay taxes on their gift to Jared if you know please say something in the comments with a link.
The IRS Whistleblower Program
The Internal Revenue Service’s whistleblower office incentivizes people to report tax evasion and other tax law violations.
The IRS Whistleblower Program rewards whistleblowers by paying 15 to 30% of government recoveriesthat result from the whistleblower’s reporting to the IRS Whistleblower Program. constantinecannon.com/…
Joe I would like to split my Whistle Blower reward with the Daily Kos if we do get paid.
