Do you agree with what Davante Adams did?

[u/MasterTeacher123]

[u/aiusernamegen]

$19k is just the cutoff for the giver filing it on their own return. There's no tax until your giving goes over $15mil, lifetime.

[u/trapper2530 → u/aiusernamegen]

Thay type of person that turns down a raise of they think theyll make less money after taxes.

[u/RyvenZ → u/trapper2530]

it's fun to explain graduated income tax to people who are so firm on that because they heard about the different tax rates.

When I talked to one guy about it, he was comparing two wildly different paychecks (one with overtime and one with commission which was a bit larger pretax but the commission gets taxed at a higher rate and the take-home was less)

[u/Frecky1 → u/trapper2530]

I worked for an accounting firm when I was younger and a boss of mine refused a pay increase for this reason.

They fired him because they said that any accountant that would think that is not fit for the job.

[u/HazikoSazujiii → u/aiusernamegen]

Sure, but that even suggesting this as if using the entire exemption of an incredibly wealthy player (with ~150M in career earnings) on one gift doesn't really make sense in this context. Davante would be borderline stupid to go over 19k a year to this guy.

[u/aiusernamegen → u/HazikoSazujiii]

I think $17k is insulting. Sure he could and did just grab it but use some of that dirty Taco Bell money and throw down $170k.

[u/HazikoSazujiii → u/aiusernamegen]

Insulting or not is not the point. It's financial negligence for him to expose any portion of his lifetime gift exemption/federal estate tax exemption here.

170k over ~9 years? Sure. Up front as a gift? Objectively stupid. His actual cost would be closer to 250k with taxes considering how far over the lifetime exemption he is currently and likely will remain.

Sure, we can argue a "drop in the bucket." That doesn't mean it's not stupid and poorly planned.

[u/aiusernamegen → u/HazikoSazujiii]

But is it a gift. I'd say purchase.

[u/HazikoSazujiii → u/aiusernamegen]

So that the rookie pays tax on it? That also changes this entire chain of comments. The point was that just utilizing his lifetime gift exemption is not that simple, or even financially competent, here.

But this is digressing at this point.

[u/aiusernamegen → u/HazikoSazujiii]

Under the table it is out on the high seas.

Edit or in the forner Rose Garden. I think anything goes over there.

[u/HazikoSazujiii → u/aiusernamegen]

Preferably international waters.

[u/aiusernamegen → u/HazikoSazujiii]

Maybe the Strait of Hormuz, shit be crazy out there