Re:Green handshakes & IRS

by carla 18 Replies latest watchtower scandals

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  carla

  I was wondering if CO's who get 'green handshakes' ever report their 'income' from these jw benefits? In the US even gifts beyond a certain amount must be reported. jw's like to claim how honest they are, do they report all their income?

  Any ex CO's here? (or whatever the current term is) What is the official stance on this?

  DEFINITION of 'Tax Fraud' Tax fraud occurs when an individual or business entity willfully and intentionally falsifies information on a tax return in order to limit the amount of tax liability. Tax fraud essentially entails cheating on a tax return in an attempt to avoid paying the entire tax obligation.
  
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  neat blue dog

  Excellent point. I think it's $300-$400? Not sure. Also don't know if being a member of a religious order makes a difference.
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  JaniceA

  I thought gifts are only taxable to giver if more than a certain amount.
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  AbusedandPissed

  According to TaxAct.com the threshold is $14000 from a single person.
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  NewYork44M

  The gift tax relates to the tax paid by the giver. The only way the CO is at risk for paying tax is if the money paid is for services rendered. That would be hard to prove.
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  carla

  $14,000?! are you kidding? I was under the impression by a tax guy it was closer to 6-800$ range. Maybe our local tax acct. Jeff knows?

  Neat blue dog, I would think a person of a religious order would claim everything, as would most people outside of a cult. Those of a religious order are often held to a higher standard for that very reason. Maybe that's why religions get away with more? rather cynical, but, matches my mood of the day.
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  hoser

  In Canada if tax is already paid on the money it is not taxable again.

  Green handshakes are not taxable
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  dropoffyourkeylee

  I would agree that a gift like the 'green handshake' is not (US) taxable to the recipient. Likewise, the giver would not be able to claim it as a tax deduction on his Schedule A like he can for donations to the world wide work or to charities.
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  JaniceA

  The giver is taxed after the threshold to be clear.

  There are ESTATE PLANNING professionals to advise for those looking to distribute their assets gradually before death to ANY heirs to avoid tax penalties. I’m pretty sure here are experts in Wallkill to advise any JWs who want to lessen their estate tax burden.

  If anyone especially loves their CO or a GB member, they can double the donation if half goes to wife. Because women have no other glory than that in the borg.
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  solomon

  Taxation is theft