That would be most unpleasant.

And I didn't want anyone thinking that I might be shady about it. I pay taxes on what I earn from SL already, so it'll end up being a part of that.

Hopefuly that won't push you in the next tax bracket

BrennieSlade: too late

You won't have to pay on it til next year so I'd RLLY see if it was possible to claim it as a donation.

I'm not 100% sure to be honest, I've never received a gift that large before, but it'll be included in the quarterly tax whichever way they tell me to lol

Poop. I hadn't thought about that

Most states have a cap on the amount of money you can be gifted before it's taxed. Would be worth looking into.

Phone them up and see what they say. If not, we'll move to Guernsey. It's a tax haven

I was going to claim the olive you donation that way but for me it wasn't a large enough amount I THOUGHT that they would deduct

Yours is way more than mine was so you want to look into it because that's a huge jump in income wise that should be deducted because it's not normal income

10 k is the limit on a gift. However, idk how you'd distinguish it as a gift because you're cashing out of sl

Tax laws change yearly so u'd best off trying to find a way o make it a deduction

You should be able to document it and the transfer of funds

Still trying to wrap my head around the idea of you being shady.

Ye that might be best printing off the teams logs from the donation account

Does. Not. Potate.

Oh Amy, i wasn't implying that you were trying anything shady, i was just worried that you'd get hit by a huge tax bill

Its just going to be a pain

Id have to knock someone in the face if they tried to say you were Shady

And see if the lotw ppl can write you a full statement to go with it

There has to be a way I mean kids get once in a lifetime gifts from like make a wish and stuff Im certain that if the parents have to file taxes on it, its a gift thing not income

Amy are you in the states?

Cyberpink: Oh I know! I just wanted to make sure any one out there didn't think that. That's always been a concern of mine since all of this started

Id call a CPA and ask them not H&R Block kinda thing but a actual accountant

I will, I just filed for last year, so this will be for this upcoming quarter. I have no idea how it'll end up being done, but I'll figure it all out.

I just want to make sure everyone knew that I'd be all legal about it

you still pay taxes on lottery winnings, but you can claim gifts up to 10k a year, but i am not sure if you can claim on that strangers, I know we do it on family 'gifts'

nami_naeko: Yeah, I'm in Massachusetts

Please not as a donation you're not a charity tax ID but one time gift from a different tax ID but sounds like that's not the case either. Just claim it as usual earned income.

Gifts must be person to person (tax ID to tax ID) grifters have a tax harbor, as do the recipient

kesseret: I was thinking the same thing. I'm going to look it up when I get to work

Usual earned income is a conservative route.

Not a CPA, you need someone that specialized in tax. Most CPAs don't know much about tax, that's not their area

Yeah whatever is is the least likely to get me audited is the way I'll go really...

I highly recommend a financial broker to everyone, banks typically offer the service for free regardless of balance. Not just in this case but in general to get your financial house in order.

Accountants do care about earnings they want to know what to did, not how to manage the money for maximizing gains or earnings. Not knocking COAs, love mine, but he just wants to balance the books

I know paying taxes sucks but it might be best to just pay them, it's unfair too, because this was a gift sorta. But like Luna points out someone would have to take the earnings and pay taxes on it, then gift

to you to avoid taxes for you but either way the gubment is gonna take their chunk, the jerks.

i'm not a cpa nor an acct, so I don't know. I just know that I do family 10k a year gifts type of thing to avoid estate taxes when my father passes, because estate taxes are the pisser.

Thanks for all the advice everyone! I'm definitely going to look into everything for when I have to pay it...one way or the other

ScarletCSkylaC: let me get to work and look it up. I have all the new pubs on my desk.

And Luna is right. The way SL works...

Yeah, that's kind of what I figured. And that would be wonderful!

ScarletCSkylaC: check your pps, sweets, i just sent you a whole bunch of info, straight from the IRS website