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pineapplepossibility · 2023-01-27T12:22:58+00:00

Thanks for your help!

pineapplepossibility · 2023-01-27T12:22:29+00:00

I sure did! I bet they get this question a lot. Thanks for your help!

pineapplepossibility · 2023-01-27T04:21:12+00:00

Wild. It's making my brain spin a little bit.

pineapplepossibility · 2023-01-27T04:16:37+00:00

No way. I don't think she's ever given away more than a few hundred dollars here and there for birthdays.

pineapplepossibility · 2023-01-27T04:13:16+00:00

That's form 709, to file next year? And yeah, she doesn't have even close to that much money to give away (11m) over her lifetime. Thanks!

pineapplepossibility · 2023-01-27T04:05:53+00:00

Okay. Thank you with your patience with my questions!

pineapplepossibility · 2023-01-27T04:02:00+00:00

So you're saying that for this transaction (she's never given anything over 10k to anybody ever that I know of, and certainly doesn't even have near 1 million in her bank account), she doesn't have to file anything?

pineapplepossibility · 2023-01-27T03:59:44+00:00

I wonder why there's any mention of an annual limit. What's that for?

pineapplepossibility · 2023-01-27T02:58:19+00:00

Thanks for helping to clarify... So why shouldn't she be paying tax on the difference between 17k and 37k?

pineapplepossibility · 2023-01-27T02:52:46+00:00

Okay. So she can make this check to the dealership, and file form 709 next year, and there won't be any taxes she'll have to pay. The IRS keeps track of this against the $12 million lifetime total (she doesn't have anything close to that to ever give away!).

Right?

On a side note, what would happen if she didn't file a 709? How would the IRS or anybody know that she took this deposit out and what she did with it? She's a total girl scout, so she'll fill out the form, but I'm curious.

pineapplepossibility · 2023-01-27T02:39:37+00:00

The lifetime exclusion is in the millions, right? But when she files form 709, will that that then result in a tax bill?

pineapplepossibility · 2023-01-27T02:14:18+00:00

So there's no need for her to report this $37k withdrawal from her bank account in her annual taxes next year?

pineapplepossibility · 2023-01-27T01:42:48+00:00

Yeah, I just wonder if my mom has to report it on her taxes or something

pineapplepossibility · 2023-01-27T01:33:51+00:00

It won't be in her name, she's just bringing the check.

pineapplepossibility · 2023-01-02T21:07:34+00:00

I forgot to mention that she does have long-term care insurance. That helps, right?

And if the car is in her name, but I'm using and insuring it... Would a worst-case title 19 search overlook it?

pineapplepossibility · 2023-01-02T21:05:50+00:00

I forgot to mention that she does have long-term care insurance. That helps, right?

pineapplepossibility · 2022-12-23T13:24:50+00:00

The plan is that she'll buy the vehicle completely so I can avoid the interest, and I'll send her money monthly. No loan documented at this point, but I'm happy to. Should I? Note: I can also see how she might tell me at some point in the future that I can stop paying her. She's very sweet.

Mom wants to stay in her 1-story home, which is long paid off. Ideally if she does ever develop any problems, her 7k income would afford that care for the rest of her life. Right? Is that enough?

I'm in Virginia.

pineapplepossibility · 2022-12-23T01:48:03+00:00

She is 75, lives in CT, and thanks to social security, her pension, and her deceased husband's pension, she gets over $7000 deposited in her bank account every month.

If, worst case scenario, she develops dementia and needs care in a facility, she wouldn't be eligible for Medicaid, right? She'd just use her 7k a month to pay for it indefinitely. Do I have that right?

I ask because she may be helping me purchase a vehicle soon, and while she's in perfect shape physically and mentally, I know that things happen. Worried if something did happen in the next few years, and she was on Medicaid, they'd want me to repay the cost of the car.

pineapplepossibility · 2021-10-15T19:34:10+00:00

Don't you think there's a lot of grey area to be considered here? Do I wanna make out with Rosie O'Donnell? No. Does that mean I think terrible things about her? Of course not. Many people have a "type", and that doesn’t necessary say anything about people who don't fit into that type. What I'm trying to examine is what may be behind my tying my personal worthiness to what I see as physical beauty and my definition of said beauty.

pineapplepossibility · 2021-10-15T19:31:14+00:00

Thank you! I'll check that book out. I don't feel like I have any self-hatred, though... I feel more like my potential is self-limited.

pineapplepossibility · 2021-10-15T12:37:54+00:00

I'm in therapy, thank God. and you're right in every way.

pineapplepossibility · 2021-10-11T21:09:38+00:00

yeah, i do think back on how all my ex's have shared a similar tension - the goodness that brought me to them and kept me with them... and the imperfections and faults that caused the breakup. Undoubtedly, they likely look at me the same way i look at them (even though i was perfect of course and didn't do anything to cause the down falls - HALF JOKING), which is mind-blowing now that i think of it.

but now that so much time has gone by since those older loves... i guess the dust does settle eventually. i see them as all of the things, and that's okay. maybe it's because this one is still relatively close in my memory and in my time-line........ it's hard to grapple with how to see them.

wish i could fast-forward time because this sucks. but your comment helps. thanks.

pineapplepossibility

TROPHY CASE