New house speaker's latest financial disclosure

[Marener]

Even a family loan must be reported on the givers taxes.... believe me I had to learn this the hard way... lol

“believe me”

I don’t. Why would it be on your taxes?

 

[Dadoalex]

How likely is it that a 7 year congressman doesn't have a bank account, a home, a retirement fund, a college fund for his kids, even a savings account?

Think, then post. You look like less of an idiot that way.

There's something weird here.
the US government pays by direct deposit
No one is going to loan a guy a quarter million dollars without some financial history.
and
Doing everything in cash should be a big red flag for Treasury.

Weird.

 

[g5000]

Banking Basics: How It Works and Types of Accounts

Banking affects almost everyone and their finances. Learn how banking works and the fundamentals of the types of accounts and management.

www.privatebank.bankofamerica.com

 

[g5000]

There's something weird here.
the US government pays by direct deposit
No one is going to loan a guy a quarter million dollars without some financial history.
and
Doing everything in cash should be a big red flag for Treasury.

Weird.

Johnson's money goes to a non interest bearing checking account.

Nothing to see here. Mystery solved.

 

[Marener]

Stop chopping up my posts... read the entire post with the link....

Sorry.

But it still doesn’t answer the question why you couldn’t gift someone?

You may have to pay gift taxes, if you’ve depleted exemptions, but those exemptions are something like $11 million, which isn’t a pretty big number. But even paying a gift tax doesn’t mean you can’t give a gift.

I’ve seen this topic discussed before and there seems to be a lot of confusion about it.

I don’t think you have much of a point here.

 

[Dadoalex]

Why is it "suspicious" when a Congressman is honest and not taking graft?

Has the Biden Regime made bribery and payoffs so normative that libs can't believe that a politicians could be honest?

Actually...the lack of a financial history is ar more suspicious than anything in Joe Biden's history.

 

[g5000]

 

[Rambunctious]

“believe me”

I don’t. Why would it be on your taxes?

Read the link... don't expect me to explain the IRS to you... who knows why... any amount over $15,000 must be reported... and any amount over I think $150,000.... taxes must be paid by the recipient of the loan... even if the loan is paid interest free and before the end of the calendar year... why?... its the IRS that's why....

 

[Dadoalex]

Johnson's money goes to a non interest bearing checking account.

Nothing to see here. Mystery solved.

Great.
Let's see his credit history, tax returns for 10 years...and where is this "checking account" that didn't exist 5 days ago?

 

[g5000]

Actually...the lack of a financial history is ar more suspicious than anything in Joe Biden's history.

Johnson does not have a lack of financial history.

He has a mortgage. He has a HELOC. He has two residences. He has a checking account. He has two kids in college with tuition.

It's nonsense to say he has no financial history.

 

[g5000]

Great.
Let's see his credit history, tax returns for 10 years...and where is this "checking account" that didn't exist 5 days ago?

The checking account has always existed. House ethics rules don't require it to be disclosed because it is a non interest bearing account.

Mystery solved. Nothing to see here.

 

[g5000]

So many bogus assumptions have been made.

I hope you all learn from this.

 

[Rambunctious]

Sorry.

But it still doesn’t answer the question why you couldn’t gift someone?

You may have to pay gift taxes, if you’ve depleted exemptions, but those exemptions are something like $11 million, which isn’t a pretty big number. But even paying a gift tax doesn’t mean you can’t give a gift.

I’ve seen this topic discussed before and there seems to be a lot of confusion about it.

I don’t think you have much of a point here.

Rules are rules and the IRS has a rule for anything and everything that involves your money because they think its their money... I've been battling them for years ever since I went into business for myself...

 

[Dadoalex]

Johnson does not have a lack of financial history.

He has a mortgage. He has a HELOC. He has two residences. He has a checking account. He has two kids in college with tuition.

It's nonsense to say he has no financial history.

Great.
Let's see it.
ESPECIALLY his government "loan" that got forgiven.

This guy is 2nd in line to the presidency.
Why isn't this more important to you?

Oh, that's right. GOP Blinders

 

[Marener]

Read the link... don't expect me to explain the IRS to you... who knows why... any amount over $15,000 must be reported... and any amount over I think $150,000.... taxes must be paid by the recipient of the loan... even if the loan is paid interest free and before the end of the calendar year... why?... its the IRS that's why....

You’re still confusing gifts with loans. The link talks about gifts. It doesn’t talk about loans.

The link correctly states that you just have to report gifts over $15k, but don’t necessarily pay taxes unless you’ve hit the very large exemption.

Your link says nothing about reporting loans. Loans are not income and don’t need to be reported unless the loan is forgiven.

Are Personal Loans Taxable & Considered Income?

As you prepare for tax season, you’ll need to get your paperwork in order, including forms related to your income, expenses and assets. And you may be asking if personal loans are taxable and if you should include any paperwork for them in that pile. Your personal loan is just that: a loan. Most

www.forbes.com

 

[Marener]

Rules are rules and the IRS has a rule for anything and everything that involves your money because they think its their money... I've been battling them for years ever since I went into business for myself...

Maybe you’re battling them because you have a hard time reading and applying the rules. So far, you’ve just rambled about gifts which really has nothing to do with this.

Loans are not income.

 

[Rambunctious]

You’re still confusing gifts with loans. The link talks about gifts. It doesn’t talk about loans.

The link correctly states that you just have to report gifts over $15k, but don’t necessarily pay taxes unless you’ve hit the very large exemption.

Your link says nothing about reporting loans. Loans are not income and don’t need to be reported unless the loan is forgiven.

Are Personal Loans Taxable & Considered Income?

As you prepare for tax season, you’ll need to get your paperwork in order, including forms related to your income, expenses and assets. And you may be asking if personal loans are taxable and if you should include any paperwork for them in that pile. Your personal loan is just that: a loan. Most

www.forbes.com

It doesn't matter if its taxable or not... if you don't report it you just committed a crime....

 

[Marener]

It doesn't matter if its taxable or not... if you don't report it you just committed a crime....

So you claim. You have no links that say anything of the sort regarding loans, and everything I see says the opposite.

Am I supposed to take your word for it?

 

[Rambunctious]

Maybe you’re battling them because you have a hard time reading and applying the rules. So far, you’ve just rambled about gifts which really has nothing to do with this.

Loans are not income.

Nope... I made a few mistakes when I started but when the IRS attaches themselves to you they do not let go... even when I sold my business they audited me....

 

[Rambunctious]

So you claim. You have no links that say anything of the sort regarding loans, and everything I see says the opposite.

Am I supposed to take your word for it?

You have to read my links... or look it up for yourself...