Timeline for When does an exchange of gifts become taxable?
Current License: CC BY-SA 4.0
5 events
| when toggle format | what | by | license | comment | |
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| Sep 22, 2022 at 18:00 | comment | added | littleadv | Facts and circumstances. That's a question that only the revenue agent auditing you could answer. Even that you may end up appealing to a judge. To me the situation you've described is a clear quid pro quo, to you it obviously is not. | |
| Sep 22, 2022 at 17:32 | comment | added | Nemo | Can you define "directly tied"? Specifically, what evidence would I need to show that mutual gifts are not "directly tied"? | |
| Sep 22, 2022 at 16:15 | comment | added | littleadv | @Nemo if one gift is directly tied to the other - yes, I do. More importantly - the IRS does too. | |
| Sep 22, 2022 at 15:36 | comment | added | Nemo | Gratitude is not why I pay for my morning coffee, and I am pretty sure it is not why my employer pays my salary. See my update. They are under no obligation to give us anything. Or do you view every gift exchange as a commercial transaction? | |
| Sep 21, 2022 at 20:43 | history | answered | littleadv | CC BY-SA 4.0 |