# I want to give away a million dollars **URL:** \ **Category:** In My Humble Opinion\ **Created:** [April 12, 2008, 11:00am UTC](https://boards.straightdope.com/t/i-want-to-give-away-a-million-dollars/445020 "2008-04-12T11:00:26Z")\ **Posts on this page:** 20\ **Page:** 2
**Author:** ![Boyo\_Jim](https://avatars.discourse-cdn.com/v4/letter/b/87869e/32.png) [@Boyo\_Jim](https://boards.straightdope.com/u/Boyo_Jim)\ **Post date:** [April 12, 2008, 3:02pm UTC](https://boards.straightdope.com/t/i-want-to-give-away-a-million-dollars/445020/21 "2008-04-12T15:02:36Z")
My first question would be – do you want to give someone a million bucks, or do you want them to _end up with a million bucks_ after all the taxes and blah blah blah. Ah, if you really want to do all you can to save the recipient trouble, you could die and leave it to them in your will. I believe there is no tax burden on inheriters. A lawyer could make sure of the anonymous part. ---
**Author:** ![Boyo\_Jim](https://avatars.discourse-cdn.com/v4/letter/b/87869e/32.png) [@Boyo\_Jim](https://boards.straightdope.com/u/Boyo_Jim)\ **Post date:** [April 12, 2008, 3:04pm UTC](https://boards.straightdope.com/t/i-want-to-give-away-a-million-dollars/445020/22 "2008-04-12T15:04:41Z")
[QUOTE=BrknButterfly] …If I ever won the power ball, I already have a list of 10 people that I would do something for. [/quote] Change “for” to “to” and I’m with you. I’m not sure I’d have enough money to punish all 10 though. 😛 ---
**Author:** ![Terrifel](https://avatars.discourse-cdn.com/v4/letter/t/c68b51/32.png) [@Terrifel](https://boards.straightdope.com/u/Terrifel)\ **Post date:** [April 12, 2008, 3:09pm UTC](https://boards.straightdope.com/t/i-want-to-give-away-a-million-dollars/445020/23 "2008-04-12T15:09:06Z")
Please don’t taunt the poor. ---
**Author:** ![matt](https://avatars.discourse-cdn.com/v4/letter/m/a6a055/32.png) [@matt](https://boards.straightdope.com/u/matt)\ **Post date:** [April 12, 2008, 3:25pm UTC](https://boards.straightdope.com/t/i-want-to-give-away-a-million-dollars/445020/24 "2008-04-12T15:25:45Z")
[QUOTE=BrknButterfly] I work at a bank and have many people come in to deposit money in other people’s account, that aren’t actually on the account. They just don’t get a receipt. With cash there is always a record of it. A cashiers check wouldn’t have my name on it. Just the bank of where it came from and due to privacy policy or even laws, they can’t give who they gave the check too. Unless there was some court order. [/QUOTE] That’s interesting. How big could the cheque be before a big red light started flashing on the wall of the manager’s office? [QUOTE=Boyo Jim] My first question would be – do you want to give someone a million bucks, or do you want them to end up with a million bucks after all the taxes and blah blah blah. [/quote] Either would do! [QUOTE=Boyo Jim] Ah, if you really want to do all you can to save the recipient trouble, you could die and leave it to them in your will. I believe there is no tax burden on inheriters. A lawyer could make sure of the anonymous part. [/quote] You’re lucky on that in the USA. Here in the UK there’s a fairly hefty inheritance tax. Don’t think we have the equivalent of your RICO and Treasure Trove laws, though. Yet. ---
**Author:** ![ivylass](https://avatars.discourse-cdn.com/v4/letter/i/9de053/32.png) [@ivylass](https://boards.straightdope.com/u/ivylass)\ **Post date:** [April 12, 2008, 8:39pm UTC](https://boards.straightdope.com/t/i-want-to-give-away-a-million-dollars/445020/25 "2008-04-12T20:39:38Z")
I think the IRS laws allow you to give $11,000 a year to a person with no tax consequences. That will take you ninety years, so tell the person to get married and have at least two kids. Then, you can give the person, his wife/her husband, and each of their kids the $11,000 a year, and it will only take you about 22 years to give them a million dollars. ---
**Author:** ![Faruiza](https://avatars.discourse-cdn.com/v4/letter/f/ecd19e/32.png) [@Faruiza](https://boards.straightdope.com/u/Faruiza)\ **Post date:** [April 12, 2008, 11:46pm UTC](https://boards.straightdope.com/t/i-want-to-give-away-a-million-dollars/445020/26 "2008-04-12T23:46:03Z")
Psht. I would be happy with a third of that right now. It would forgive all of our business debts and finish putting me through school. I’ve decided to become a pharmacist and am going back to school in the fall. Not that that answers anybody’s questions. So, yeah! You bad, bad man you! Don’t taunt the poor! 😃 Why did I post this? Who knows? Me, me, me. Did I tell you about me? Oh, and that’s another thing about me…I’m on fire. Put. Me. Out. ME! ---
**Author:** ![Sunspace](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/sunspace/32/1250_2.png) [@Sunspace](https://boards.straightdope.com/u/Sunspace)\ **Post date:** [April 13, 2008, 1:06am UTC](https://boards.straightdope.com/t/i-want-to-give-away-a-million-dollars/445020/27 "2008-04-13T01:06:37Z")
[QUOTE=WF Tomba] It occurs to me that you’d be less likely to raise suspicion if you didn’t try to make the gift a secret. Would it be possible to establish some kind of private foundation dedicated to giving a million dollars to the most good-hearted, deserving, upstanding person in the country? Could you do this without letting the general public know whose money is backing the project? [/QUOTE] I was wondering this as well. Surely a cheque arriving from Anonymous Foundation number AF607105 with an invoice listing ‘tax already paid’ (and the associated IRS reference) would work? ---
**Author:** ![Ignatz](https://avatars.discourse-cdn.com/v4/letter/i/3be4f8/32.png) [@Ignatz](https://boards.straightdope.com/u/Ignatz)\ **Post date:** [April 13, 2008, 1:13am UTC](https://boards.straightdope.com/t/i-want-to-give-away-a-million-dollars/445020/28 "2008-04-13T01:13:16Z")
Wait! Are you in Nigeria? ---
**Author:** ![BrknButterfly](https://avatars.discourse-cdn.com/v4/letter/b/439d5e/32.png) [@BrknButterfly](https://boards.straightdope.com/u/BrknButterfly)\ **Post date:** [April 13, 2008, 2:46am UTC](https://boards.straightdope.com/t/i-want-to-give-away-a-million-dollars/445020/29 "2008-04-13T02:46:56Z")
[QUOTE=matt] That’s interesting. How big could the cheque be before a big red light started flashing on the wall of the manager’s office? [/QUOTE] Depends on the bank, I guess. I have seen people withdrawal over 100,000 dollars. I might generally ask if they are buying a house, but that is my own curiosity. If it is over a certain amount a manger may have to actually sign the check vs a printed signature.. But yah. generally I just withdrawal the amount they want and write on the check whatever they want and they are on their way. Do I need to give you my name so that it is printed correctly on the check? 😉 ---
**Author:** ![Br\_er\_Lapin](https://avatars.discourse-cdn.com/v4/letter/b/e79b87/32.png) [@Br\_er\_Lapin](https://boards.straightdope.com/u/Br_er_Lapin)\ **Post date:** [April 13, 2008, 2:54am UTC](https://boards.straightdope.com/t/i-want-to-give-away-a-million-dollars/445020/30 "2008-04-13T02:54:24Z")
Just another person chiming in to make sure you’ve gotten my last name spelled correctly. Actually, you don’t need to be so, so genrous towards me – all I really need is $800 or so in order to prevent my electric from being shut off, another $700 in order to get the nice folks at Allstate to give me insurance again so I’m able to stop driving illegally, and maybe $50, as I’ve got not even a single package of ramen in the house. Really, any more than that and I’d start to feel like a charity case. 😉 ---
**Author:** ![Sunspace](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/sunspace/32/1250_2.png) [@Sunspace](https://boards.straightdope.com/u/Sunspace)\ **Post date:** [April 13, 2008, 3:01am UTC](https://boards.straightdope.com/t/i-want-to-give-away-a-million-dollars/445020/31 "2008-04-13T03:01:37Z")
[QUOTE=Sunspace] I was wondering this as well. Surely a cheque arriving from Anonymous Foundation number AF607105 with an invoice listing ‘tax already paid’ (and the associated IRS reference) would work? [/QUOTE] I just thought of something. Would the amount of tax paid vary depending on the recipient? In other words, would it always be “25% (or whatever) of this amount goes to the IRS” or would it be “withholding is dependent on recipient’s income”? If the latter, my idea for no further contact between the giver and the recipient goes down in flames… Also, could the cheque be made out to ‘bearer’ or something? ---
**Author:** ![Terrifel](https://avatars.discourse-cdn.com/v4/letter/t/c68b51/32.png) [@Terrifel](https://boards.straightdope.com/u/Terrifel)\ **Post date:** [April 13, 2008, 3:07am UTC](https://boards.straightdope.com/t/i-want-to-give-away-a-million-dollars/445020/32 "2008-04-13T03:07:36Z")
Is it gone yet? Can I stop looking? I found a wheat penny today. ---
**Author:** ![TimeWinder](https://avatars.discourse-cdn.com/v4/letter/t/bcef8e/32.png) [@TimeWinder](https://boards.straightdope.com/u/TimeWinder)\ **Post date:** [April 13, 2008, 7:51pm UTC](https://boards.straightdope.com/t/i-want-to-give-away-a-million-dollars/445020/33 "2008-04-13T19:51:15Z")
[QUOTE=Sunspace] I just thought of something. Would the amount of tax paid vary depending on the recipient? In other words, would it always be “25% (or whatever) of this amount goes to the IRS” or would it be “withholding is dependent on recipient’s income”? If the latter, my idea for no further contact between the giver and the recipient goes down in flames… Also, could the cheque be made out to ‘bearer’ or something? [/QUOTE] If it’s a million, delivered all at once, the person will be in the highest tax bracket that year, anyway, so it’s pretty much the same for everybody. Tax law isn’t that simple, of course, but you could guess the tax amount within a few dollars for basically any recipient, so long as you knew their state and (maybe) local tax location. ---
**Author:** ![Gfactor](https://avatars.discourse-cdn.com/v4/letter/g/9de053/32.png) [@Gfactor](https://boards.straightdope.com/u/Gfactor)\ **Post date:** [April 13, 2008, 11:18pm UTC](https://boards.straightdope.com/t/i-want-to-give-away-a-million-dollars/445020/34 "2008-04-13T23:18:07Z")
[QUOTE=OtakuLoki] This is starting to touch upon Treasure Troves, and ISTR that **Gfactor** did a couple of good reports on them. [/QUOTE] I talked about treasure trove and the law of finds here: [http://www.straightdope.com/mailbag/mpossess910.htm](http://www.straightdope.com/mailbag/mpossess910.htm) ---
**Author:** ![Monkey\_Lore](https://avatars.discourse-cdn.com/v4/letter/m/7ba0ec/32.png) [@Monkey\_Lore](https://boards.straightdope.com/u/Monkey_Lore)\ **Post date:** [April 14, 2008, 7:33am UTC](https://boards.straightdope.com/t/i-want-to-give-away-a-million-dollars/445020/35 "2008-04-14T07:33:24Z")
[QUOTE=TimeWinder] If it’s a million, delivered all at once, the person will be in the highest tax bracket that year, anyway, so it’s pretty much the same for everybody. Tax law isn’t that simple, of course, but you could guess the tax amount within a few dollars for basically any recipient, so long as you knew their state and (maybe) local tax location. [/QUOTE] In the US, if this $1 million is considered a gift (as defined by the IRS), then the gift-recipient doesn’t have to pay any federal taxes. As noted earlier in this thread, the gift-giver is responsible for paying the taxes on gifts. You don’t have to pay any gift-giving tax on any amount up to $12,000 per person, per year. In addition, there is a $1 million lifetime gift-giving exemption. If you go over the $12,000/person/year then you start to use up some of this exemption. So really, assuming if you never went over the $12,000-limit previously, you could give me $1,012,000 and neither of use have to pay any federal tax on this. And if you are still generous, you can continue give me another $12,000 every year. I haven’t read up how gift giving and receiving are reported to the IRS, so I wonder if either person has to specify who the other party was. I’m thinking they wouldn’t have to be specific, because if that were so, anytime anyone exchanges gifts, both sides would need to exchange of tax info. ---
**Author:** ![DMark](https://avatars.discourse-cdn.com/v4/letter/d/e68b1a/32.png) [@DMark](https://boards.straightdope.com/u/DMark)\ **Post date:** [April 14, 2008, 8:02am UTC](https://boards.straightdope.com/t/i-want-to-give-away-a-million-dollars/445020/36 "2008-04-14T08:02:23Z")
I seriously don’t see the problem. People do this all the time when they win the lottery - give a million (or more) to each of their kids and to other family members. Sure, there are taxes to be paid (when you win), but once you start throwing your money around, I believe all it takes is to prove YOU paid the tax on the windfall - how you spend it (gifting) is your business, as long as Uncle Sam got his cut. I always thought it would be smarter to simply buy a home for someone flat out, and then give them enough cash to pay for property taxes and upkeep for a few decades. ---
**Author:** ![Ranchoth](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/ranchoth/32/1066_2.png) [@Ranchoth](https://boards.straightdope.com/u/Ranchoth)\ **Post date:** [April 14, 2008, 11:09am UTC](https://boards.straightdope.com/t/i-want-to-give-away-a-million-dollars/445020/37 "2008-04-14T11:09:42Z")
[QUOTE=Boyo Jim] Ah, if you really want to do all you can to save the recipient trouble, you could die and leave it to them in your will. I believe there is no tax burden on inheriters. A lawyer could make sure of the anonymous part. [/QUOTE] How about paying someone who’s already close to death $2 million, in exchange for giving $1 million to your planned recipient? ---
**Author:** ![Kozmik](https://avatars.discourse-cdn.com/v4/letter/k/8dc957/32.png) [@Kozmik](https://boards.straightdope.com/u/Kozmik)\ **Post date:** [April 15, 2008, 10:08am UTC](https://boards.straightdope.com/t/i-want-to-give-away-a-million-dollars/445020/38 "2008-04-15T10:08:14Z")
What. Do you want to be on Oprah’s _Big Give_? ---
**Author:** ![Labdad](https://avatars.discourse-cdn.com/v4/letter/l/439d5e/32.png) [@Labdad](https://boards.straightdope.com/u/Labdad)\ **Post date:** [April 15, 2008, 8:47pm UTC](https://boards.straightdope.com/t/i-want-to-give-away-a-million-dollars/445020/39 "2008-04-15T20:47:55Z")
[QUOTE=Monkey Lore] I haven’t read up how gift giving and receiving are reported to the IRS, so I wonder if either person has to specify who the other party was. I’m thinking they wouldn’t have to be specific, because if that were so, anytime anyone exchanges gifts, both sides would need to exchange of tax info. [/QUOTE] That’s exactly what you do. See [IRS Form 709](http://www.irs.gov/pub/irs-pdf/f709.pdf). As soon as you give a person more than $12,000 in one year, you have to file Form 709 and specify the name, address, and relationship to you of the person you made the gift to. The recipient of the gift doesn’t file anything. For gifts under $12,000 there is no paperwork for either the donor or the recipient. ---
**Author:** ![Zebra](https://avatars.discourse-cdn.com/v4/letter/z/c0e974/32.png) [@Zebra](https://boards.straightdope.com/u/Zebra)\ **Post date:** [April 15, 2008, 8:50pm UTC](https://boards.straightdope.com/t/i-want-to-give-away-a-million-dollars/445020/40 "2008-04-15T20:50:18Z")
I wonder how much a million dollars in $100 dollar bills weighs? I have a friend who knows actually. [Previous page](https://boards.straightdope.com/t/i-want-to-give-away-a-million-dollars/445020.md?page=1) [Next page](https://boards.straightdope.com/t/i-want-to-give-away-a-million-dollars/445020.md?page=3)