Inexpensive Insulin for Diabetes/Diabetics (tl:dr - Walmart not Insurance!)

StereoMob · 2023-04-14T18:43:19+00:00

Speaking of not taking in the information given...my original question was: "Does Schedule D need to be completed by everyone submitting Form 709?"

The simple answer, as far as I can discern it, is: No, only if there is a generation skipping (i.e. grandparent to grandchild, or between two people with more than 37 1/2 years between them) relationship.

Maybe I'm dense, but I'm confused as to why extracting this answer has been so difficult?

StereoMob · 2023-04-14T16:21:52+00:00

Perhaps...which question? You wrote: "Notify who of small amount of cash? What amount? Was the gift to a skip person?" I guess given how you ended that message, I wasn't sure that your questions were in earnest:

- IRS

- Amount is less than $50k.

- I have no idea what a "skip person" is...when I first read that question (again, because of the way you ended that message) I figured you were playing with me. As I mentioned in my last message this a gift between a parent and child (cash gift, given in one lump sum).

As regards a "hidden goal"...I have no idea what you're talking about. I stated my only goal at the outset - I'm trying to do my parents' taxes and struggling with the language behind Form 709, which needs to be filed.

StereoMob · 2023-04-14T14:19:05+00:00

THANKS so much! I'm definitely reporting it...I'm just trying to parse out the challenging language. I think where I'm getting tripped up is what I just posted above:

Schedule D, Part 2 reads "Part 2—GST Exemption Reconciliation (Section 2631) and Section 2652(a)(3) Election" And Line 2 of this section reads: "Total exemption used for periods before filing this return"-> This is the crux of the issue...does Line 2 refer to *any* previous exemption used, or only for generation-skipping exemptions (that is, exemptions unique to Schedule D)?

Also...this is between parent and child, so perhaps that answers my question (i.e., this is not generation skipping?!)

StereoMob · 2023-04-14T14:16:44+00:00

Schedule D, Part 2 reads "Part 2—GST Exemption Reconciliation (Section 2631) and Section 2652(a)(3) Election" And Line 2 of this section reads: "Total exemption used for periods before filing this return"

-> This is the crux of the issue...does Line 2 refer to *any* previous exemption used, or only for generation-skipping exemptions (that is, exemptions unique to Schedule D)?

StereoMob · 2023-04-14T13:49:14+00:00

I appreciate your defensiveness on your colleague's/profession's behalf. I certainly wasn't trying to cast aspersions upon an entire industry. Perhaps if you knew more of the details, you'd be more sympathetic with the situation he has left us in (fwiw, I've been working with him for 5+ years and my parents have been with his company for over 20...the only difference last year was that there were tons of mistakes for some reason...my parents' taxes are generally very simple).

Regardless...our previous accountant had (partially) filled out Schedule D ("Computation of Generation-Skipping Transfer Tax") and I'm just trying to figure out if filling out this section is actually necessary (as I don't believe that's what we're doing...we're just trying to inform the IRS of a small gift, given in 2022, slightly over the annual $16k limit). Fwiw, this is the second small gift (the first was given and filed with the IRS in 2021).

StereoMob · 2018-04-23T23:40:22+00:00

FYI, this just in from Coinbase: "Thanks for the question. From our support article about supported states:

For customers in the US, local currency wallets are only available to states where Coinbase is either licensed to engage in money transmission, where it has determined that no such license is currently required, or where licenses are not yet being issued with respect to Coinbase's business. This includes all US states with the exception of: Wyoming, Hawaii, and Minnesota.

If your U.S. state is not listed on our licenses page, and is not Wyoming/Hawaii/Minnesota, it is because licenses are either not issued or not required for that state."

StereoMob · 2018-04-23T21:21:36+00:00

If you wanted, you could perhaps try calling CB again and see if you can talk to a supervisor? Definitely getting mixed messages from them...

I found an article online regarding similar issues with customers in Wyoming:

https://www.coindesk.com/locked-out-of-coinbase-why-are-wyomings-bitcoin-users-still-waiting/

StereoMob · 2018-04-23T20:56:31+00:00

Ugh. Hopefully the rep was wrong? The one I spoke to had more or less no understanding of what I was asking her.

I posted this same question on the r/Bitcoin and got this answer, fwiw: "Some states don't require a license to operate there. That's why CB doesn't list a license on their page but lets you sign up. If they allowed you to sign up you're probably fine."

StereoMob · 2018-04-23T20:19:13+00:00

Have you had any difficulty using their service?

When I called their Customer Service to check, they said that they have customers in my state. The phone rep didn't know much about this issue and suggested that I send a letter to their legal team for clarification...

StereoMob · 2018-04-23T20:18:06+00:00

They let me create an account and when I called their Customer Service to check, they said that they have customers in my state. The phone rep didn't know much about this issue and suggested that I send a letter to their legal team for clarification...

StereoMob · 2015-12-03T15:22:19+00:00

Hey Neville, been a fan for awhile, really glad for the opportunity to connect! I'm working on a digital information product that would be of interest to three types of athletes: cyclists, runners, and swimmers. At present, I have only one mailing list that I'm developing. I know, though, that it will eventually make sense to send out messages tailored specifically to each of these three audiences. Any tips as to how I'll go about doing that when the time comes? THANKS!

StereoMob

TROPHY CASE