General Discussion

pnwmom

(110,261 posts)

67. She wouldn't have had to claim it as a gift or income. It would have been the job of the person

Thu Mar 29, 2018, 02:10 PM

Mar 2018

making the gift to report it.

https://blog.taxact.com/gift-tax-do-i-have-to-pay-gift-tax-when-someone-gives-me-money/

Gift tax is not an issue for most people

The person who makes the gift files the gift tax return, if necessary, and pays any tax.

Does the gift recipient ever have to pay gift tax?
If the donor does not pay the tax, the IRS may collect it from you.

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Meltdown! Cohens' zeal to keep Trump off hook for a hush money payment essentially just voided NDA [View all] kpete Mar 2018 OP

Sounds like grounds for disbarment of Michael Cohen then wishstar Mar 2018 #1

Yeah I'm not a lawyer but... Takket Mar 2018 #16

The disbarment would actually be for the money. DetlefK Mar 2018 #53

Taking one for the President? Wellstone ruled Mar 2018 #2

I agree with you... CatMor Mar 2018 #4

My guess is,Cohen will Wellstone ruled Mar 2018 #8

He only has himself to blame.... CatMor Mar 2018 #11

Preposterous. BSdetect Mar 2018 #3

The contract is void and Cohen is potentially facing disbarment? herding cats Mar 2018 #5

Cohens attorney seems like he is trumps attorney. boston bean Mar 2018 #6

And if there is no contract, then the $170,000 paid to Stormy Daniels is a gift. no_hypocrisy Mar 2018 #7

$130,000. nt tblue37 Mar 2018 #15

My bad. Thanks. no_hypocrisy Mar 2018 #56

Presumably she always had to pay taxes on it unblock Mar 2018 #33

Settlements of claims are usually not taxable income under IRS rules EffieBlack Mar 2018 #35

This wasnt a settlement of a claim jberryhill Mar 2018 #37

I know. Thats why I said I dont know if the principle extends to this situation EffieBlack Mar 2018 #45

Whatever the object was, DD didn't sign it. Not this copy or any copy, pnwmom Mar 2018 #51

Well if I damage your property and we settle , then yeah unblock Mar 2018 #43

Gift taxes are owed by the person giving the gift. n/t pnwmom Mar 2018 #52

good point. unblock Mar 2018 #57

She'd have to pay taxes on the income she made as a result of investing the gift. pnwmom Mar 2018 #64

i mean, she already got it in 2016 and filed taxes in april 2017, right? unblock Mar 2018 #65

She wouldn't have had to claim it as a gift or income. It would have been the job of the person pnwmom Mar 2018 #67

This is good news, right? Tatiana Mar 2018 #9

I suspect the tape AND the lack of signature make a compelling case. Hassin Bin Sober Mar 2018 #60

I don't like Cohen or his lawyer any more than anybody else here, but Goodheart Mar 2018 #10

Seems Laurence Tribe doesn't agree with you. triron Mar 2018 #19

Well, don't get me wrong... Goodheart Mar 2018 #66

He wasnt a third party Major Nikon Mar 2018 #20

Yes and contract specifically says it is only enforceable if all parties sign it. . . . nt Bernardo de La Paz Mar 2018 #44

The contract spelled out various assurances DT was making to Stormy pnwmom Mar 2018 #26

Then how does Trump or David Dennison or whateverthefuck his phoney name is... Hassin Bin Sober Mar 2018 #42

If so, then 45 can't go after her for damages, Only Cohen can. So, the big Q is, would Cohen? lindysalsagal Mar 2018 #55

You get what you pay for. In Dennison's case, nothing. Hassler Mar 2018 #12

EVERYONE who comes in contact.... dawnie51 Mar 2018 #13

Bad for Cohen but isn;t that 'gooder' for trumper? pangaia Mar 2018 #14

Unless there's proof somewhere that he damn well DID know about the payoff.. Volaris Mar 2018 #24

How not fooled Mar 2018 #41

He knew!! pangaia Mar 2018 #47

The personal risks people take for drumpf Takket Mar 2018 #17

He intimidates or lures into a small compromise. rainin Mar 2018 #36

Maybe Stormy didn't have a contract with 45*, but doesn't she have a contract with SOMEONE ???? groundloop Mar 2018 #18

She signed a contract in which DD -- who was supposed to be DT -- gave various pnwmom Mar 2018 #27

How can Trump sue for non performance of a contract that Jarqui Mar 2018 #21

Thank you, Jarqui, for your clear analysis! n/t pnwmom Mar 2018 #28

+1 uponit7771 Mar 2018 #38

I don't think there are any damages for defamation unblock Mar 2018 #40

They called her a liar in the national media Jarqui Mar 2018 #46

You're giving arguments for why she wins, not damages unblock Mar 2018 #49

Damages in a Defamation Case Jarqui Mar 2018 #50

donnie's claim that she damaged him is also pretty suspect. unblock Mar 2018 #58

It's not just the economic damages Jarqui Mar 2018 #59

i agree that much of the legal action is actually about negotiating the value of the story unblock Mar 2018 #61

I do not see he and his lawyer sitting for a deposition and coming Jarqui Mar 2018 #63

Trump's attorney's lawyer will need a malpractice attorney now. Bernardo de La Paz Mar 2018 #22

this is some great legal positioning here....this is mind blowing.. check this out mentalslavery Mar 2018 #23

Lol reminds me of Oceans 11... Volaris Mar 2018 #25

Belieze!...who said anything about Belieze... mentalslavery Mar 2018 #31

Nope lol Volaris Mar 2018 #54

This is a mind-blowing logic problem. And the answer is pnwmom Mar 2018 #30

pnwmom...you and I know damn well you were never mentalslavery Mar 2018 #32

Cohen fell on his sword for drumpf, and didn't even know it! democratisphere Mar 2018 #29

More like cohen tried to fall on his own sword and trump tripped mentalslavery Mar 2018 #34

Paging Vinny Gambini.... Grammy23 Mar 2018 #39

Crap they're dumb.. 1st year law Cha Mar 2018 #48

Trump is extremely cautious to employ certain strategies BoneyardDem Mar 2018 #62

What a colossal DUMBASS! Vinnie From Indy Mar 2018 #68