Religion and Ethics BBS

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How much gift tax would one have to pay on a 400 million dollar jet

Posted by Lucky on May 17, 2025, 6:39 am

Just a question for someone up on tax laws.

Nations do NOT PAY TAXES; they collect them.

Posted by DFM on May 19, 2025, 5:41 pm, in reply to "How much gift tax would one have to pay on a 400 million dollar jet "

Does the US government owe gift taxes to itself.

Posted by Sprout on May 18, 2025, 2:32 pm, in reply to "How much gift tax would one have to pay on a 400 million dollar jet "

Close...

Posted by BornToFarm on May 19, 2025, 6:39 am, in reply to "Does the US government owe gift taxes to itself."

The donor pays the gift tax, not the recipient.

However, when making a gift to the USA, there is no gift tax. In fact the IRS used to have a line on the 1040 where a person could donate (gift) money to the government to "reduce the national debt". It hasn't been on there in recent years. Probably no one used it.

But, you are correct, there is no tax due as Qatar donated the 747 to the USA, the government.

But that brings up an interesting question. If a foreign national, or even a government, gifted a substantial amount ($400M) to a US citizen, would the donor have to pay gift tax to the IRS? The IRS has no jurisdiction over people in other countries.

Likely the IRS would consider the gift to

Posted by Sprout on May 19, 2025, 1:50 pm, in reply to "Close..."

be taxable as income instead of as a gift, thus making the reliever responsible for any taxes.

That would take an act of congress to change the law

Posted by BornToFarm on May 20, 2025, 5:51 am, in reply to "Likely the IRS would consider the gift to"

But, the IRS would still get money when the $400M was used. There would be profits made and income to working people as a result. And of course the government would get their share of all of that.

Thieves!!

Posted by GOG on May 17, 2025, 9:35 am, in reply to "How much gift tax would one have to pay on a 400 million dollar jet "

If my research was correct the gift tax would be 40% of the 400 million dollar jet

Posted by Lucky on May 17, 2025, 6:53 am, in reply to "How much gift tax would one have to pay on a 400 million dollar jet "

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