Post by wwjdthrume on Oct 9, 2005 20:15:03 GMT -6
Hi Friends, We have been thinking about this and hoping on this for a long time. Some for years. Some for months. I have been in since December 2003.
I have purchased many shares to give away and back in April when I thought upward price movement was imminent, I transferred some shares to friends and family that I was holding. However, I still have about 10 million shares I have designated to give to other friends and family.
I thought when this ran I could deposit my certs at my brokers and my family and friends could then open accounts and I would put some in their accounts at that time; and the taxes would be theirs.
But the tax base is set at the price when it leaves my account. So I will be paying taxes on those shares for my Mom and Stepdad, a sibling, a few friends and acquaintances. Then assuming the gift is over $11,000 I think it will be taxed again.
So I thought I was ready, but I am not.
I didn't want to shell out the money to talk to a lawyer yet. But given the limited information I have received from a friend who questioned her attorney for me, and a talk with a friend who works in the trust department at a bank-I think it is time to move those shares out of my account.
She said that even having a letter stating the certs I hold are designated for these people dated and notarized while the price is still flat and cheap, would not suffice. It is when the control of the shares is given.
So in the next two days I have some work to do.
Will I be unhappy if our stock flies or pays us before I move these? Naaaah!!!
But if I sit on my butt and the price moves in two weeks and my lack of action costs me hundreds of thousands of dollars in taxes; I will be upset with myself. There are better things to do with this money than give it to Uncle Sam. He is not as thrifty as me.
Best Wishes to all. Get ready for real.
IMO-Debi
PS -If you are looking for a great tax deductable charity that is unique. World Vision takes whole communities from desperate poverty to sustainable development by tackling the root causes of poverty. They have a holistic approach that involves the community leaders. They bring in clean water, sanitation, agricultural help and animal husbandry, education, access to medical care, job training and zero percent loans for micro-economic development.
They figure out how many years it will take to accomplish and what the cost will be; and then they fund it through Child Sponsorship. This is a unique plan that really works. .87 out of every dollar goes to the child and their community. Less than 4% is spent on administration and less than 9% on fund raising. They file annual audited financials. -Check with your tax advisor to see how you can give and still end up with the same amount of money or more.
IMO-Stop by the Day of hope board (link in my signature) for more information.
-Debi
I have purchased many shares to give away and back in April when I thought upward price movement was imminent, I transferred some shares to friends and family that I was holding. However, I still have about 10 million shares I have designated to give to other friends and family.
I thought when this ran I could deposit my certs at my brokers and my family and friends could then open accounts and I would put some in their accounts at that time; and the taxes would be theirs.
But the tax base is set at the price when it leaves my account. So I will be paying taxes on those shares for my Mom and Stepdad, a sibling, a few friends and acquaintances. Then assuming the gift is over $11,000 I think it will be taxed again.
So I thought I was ready, but I am not.
I didn't want to shell out the money to talk to a lawyer yet. But given the limited information I have received from a friend who questioned her attorney for me, and a talk with a friend who works in the trust department at a bank-I think it is time to move those shares out of my account.
She said that even having a letter stating the certs I hold are designated for these people dated and notarized while the price is still flat and cheap, would not suffice. It is when the control of the shares is given.
So in the next two days I have some work to do.
Will I be unhappy if our stock flies or pays us before I move these? Naaaah!!!
But if I sit on my butt and the price moves in two weeks and my lack of action costs me hundreds of thousands of dollars in taxes; I will be upset with myself. There are better things to do with this money than give it to Uncle Sam. He is not as thrifty as me.
Best Wishes to all. Get ready for real.
IMO-Debi
PS -If you are looking for a great tax deductable charity that is unique. World Vision takes whole communities from desperate poverty to sustainable development by tackling the root causes of poverty. They have a holistic approach that involves the community leaders. They bring in clean water, sanitation, agricultural help and animal husbandry, education, access to medical care, job training and zero percent loans for micro-economic development.
They figure out how many years it will take to accomplish and what the cost will be; and then they fund it through Child Sponsorship. This is a unique plan that really works. .87 out of every dollar goes to the child and their community. Less than 4% is spent on administration and less than 9% on fund raising. They file annual audited financials. -Check with your tax advisor to see how you can give and still end up with the same amount of money or more.
IMO-Stop by the Day of hope board (link in my signature) for more information.
-Debi
