Any Tax Experts Out There

[gab13by13]

Trump's super pacs and the RNC and Go Fund Me are paying for Trump's lawyers.

Does Trump have to claim that money on his taxes? The money he is using is for his personal expenses.

[brooklynite]

1. Trump doesn't have to pay for his lawyers...

...but he does have to pay for his legal penalties. Funds given to him personally to cover the penalties would be subject to gift tax.

[MLAA]

2. I thought on gift taxes that the giver pays the tax not the receiver.

Nerdy takeaways
A gift tax is a tax owed on the transfer of money or property to another person while receiving nothing or less than full value in return.
If you give more than the annual gift tax limit, you may have to file a gift tax return, but this does not necessarily mean that you'll owe taxes on the gift.
The gift tax limit is $18,000 in 2024.
The gift giver is the one who generally pays the tax, not the receiver.

Might need to wait for an accountant to clarify for us. 🙂

[former9thward]

4. You are correct.

The giver pays. And as you point out the giver may not have to pay either since there is a lifetime giving exclusion, not just a yearly exclusion.

[MOMFUDSKI]

3. IRS must take a look at his taxes for sure.

Waiting. . .

[republianmushroom]

5. Believe you are going to have a long wait.

37 months and counting