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Thread: The Real Housewives of New Jersey

  1. #2711
    FORT Fogey PA Snow Bunny's Avatar
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    Re: The Real Housewives of New Jersey

    I thought you had to report anything above $12k as income???

    Remember a few years back when Oprah gave everyone in the audience a new care & the big surprise of "oh yea you have to pay income tax on the car".

  2. #2712
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    Re: The Real Housewives of New Jersey

    A 50 year mortgage???? Geeze they will be in their 90's when they finally pay that museum off!!!!

  3. #2713
    Vidiot 13 is a Winner Champion Poppy Fields's Avatar
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    Re: The Real Housewives of New Jersey

    Quote Originally Posted by Lucky22;3991402;
    I guess the law changed within the past few years??? I was told some years ago that any gift of more than $10,000 annually had to be reported to the IRS, and the recipient had to pay taxes on it.
    A lot of people think this, yeah. But the recipient doesn't pay taxes on the gift. The limitation of $12K is on the donor - up to $1M over the lifetime of the donor. The limit used to be 10K annually.

    You can read the rules about it here: Publication 525 (2009), Taxable and Nontaxable Income
    "Blessed is the lonesome pioneer." -- Judee Sill (1973, "There's a Rugged Road")

  4. #2714
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    Re: The Real Housewives of New Jersey

    Quote Originally Posted by Poppy Fields;3991452;
    A lot of people think this, yeah. But the recipient doesn't pay taxes on the gift. The limitation of $12K is on the donor - up to $1M over the lifetime of the donor. The limit used to be 10K annually.

    You can read the rules about it here: Publication 525 (2009), Taxable and Nontaxable Income
    Must be nice to get 1 million tax-free dollars.

  5. #2715
    FORT Fogey PA Snow Bunny's Avatar
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    Re: The Real Housewives of New Jersey

    Poppy I have a question: why is it that credit card companies file a 1099 on you if you settle the debt & you have to claim that amount as income?

  6. #2716
    Vidiot 13 is a Winner Champion Poppy Fields's Avatar
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    Re: The Real Housewives of New Jersey

    Quote Originally Posted by PA Snow Bunny;3991465;
    Poppy I have a question: why is it that credit card companies file a 1099 on you if you settle the debt & you have to claim that amount as income?
    Because the IRS considers forgiven or canceled debt as income. Creditors (and debt collectors) who accept at least $600 less than the original balance are required to file 1099-C ("Cancellation of Debt") forms with the IRS and to notify the debtor. It must be reported as "income" on federal income tax returns (line 21 of the 1040). There are exclusions, and it's worth getting professional tax help to take advantage of them if you think you qualify.

    It seems grossly unfair to punish the honest person who works out their credit card debt by slamming them with a big tax bill on 4/15. I mean, it's not like "real" monetary income, and these people probably don't have a lot of cash to pay at tax time.
    "Blessed is the lonesome pioneer." -- Judee Sill (1973, "There's a Rugged Road")

  7. #2717
    Vidiot 13 is a Winner Champion Poppy Fields's Avatar
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    Re: The Real Housewives of New Jersey

    Quote Originally Posted by PA Snow Bunny;3991442;
    Remember a few years back when Oprah gave everyone in the audience a new care & the big surprise of "oh yea you have to pay income tax on the car".
    I do remember - 276 cars given away! But they got around paying the gift tax by calling the cars "Prizes." Prizes are not tax emempt to the recipient.

    "According to a spokeswomen for Harpo Productions Inc., Oprah's company, the recipients must pay a tax on the winnings, just like any prize.

    For a brand new Pontiac G-Six, the model given away on the show, the sticker price is $28,500. The $28,500 would need to be claimed as income so, depending on the individuals tax bracket, the tax could be as high as $7,000. And that was after Pontiac agreed to pay most of the local charges, including state sales tax and licensing fees.

    The Harpo Spokeswomen said winners had three choices. They could keep the car and pay the tax, sell the car and pay the tax with the profits or forfeit the car. "
    "Blessed is the lonesome pioneer." -- Judee Sill (1973, "There's a Rugged Road")

  8. #2718
    Vidiot 13 is a Winner Champion Poppy Fields's Avatar
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    Re: The Real Housewives of New Jersey

    Quote Originally Posted by Lucky22;3991429;
    I think the annual amount is $13,000 as of this year.
    Thanks, Lucky! Sorry I missed your post.
    "Blessed is the lonesome pioneer." -- Judee Sill (1973, "There's a Rugged Road")

  9. #2719
    FORT Fanatic Hobbes07's Avatar
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    Re: The Real Housewives of New Jersey

    Why does Kim G look at every one with a seductive look. Kind of with her head down to the side while looking up. It's very creepy.

  10. #2720
    FORT Fanatic canuck's Avatar
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    Re: The Real Housewives of New Jersey

    Ladies and Gentlemen, start your engines.

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