17 yo Trayvon Martin Shot to Death by Neighborhood Watch Captain #33

[jjenny]

Nothing stopping him from finding out.

Now that he is out.

 

[Karmady]

Federal income tax is what is being discussed.

Not sure why fed tax is a concern. All the money is still there and the tax won't exceed any donations. If anything, the tax liability will just serve to decrease the value of what's in the account. jmo

 

[jjenny]

Has the Federal Government done the same? Everyone pays uncle sam

He just got this money. He had no chance to pay taxes on them yet.

 

[Emma Peel]

OMara was telling the Judge how much money Zimmerman had.

So he is going to have to tell the Judge tomorrow either he misled the court and never even asked Zimmerman how much money he had or Zimmerman lied to him.

Funny this might end up being a lawyer proving his client is a liar. LOL IMO

I could NOT figure out why MOM didn't shut that offensive GZ site down immediately upon taking on his client.

I don't think MOM knew about it...

Maybe no one had access other than GZ?

And GZ was taken into custody within 2-3 days of the site being up. GZ's wife wife told the prosecutor at the hearing that they had to ask Jr. about the website money because she did not know what was in that account.

Did the prosecution ever ask Jr about the website money? (I didn't see the entire hearing.)

Either way, methinks GZ best submit a form 1040-ES with estimated payment real soon. :crazy:

pay attention, MOM!!

 

[Dr.Fessel]

Now that he is out.

No, he bought a phone card along with his new underwear in jail. He could have called and found out how much money was in it.

 

[Kimberlyd125]

After Zimmerman set up his website he was quickly put in jail so he might have not known how much money in donations he got at the time of the hearing.

Great point.
IMO

 

[Deleted member 39678]

Reports or rumors, IDk which, had said that O'Mara was working pro-bono but now, in the above linked CNN article O'mara is quoted as saying that a defense like this could cost upwards to $1,000,000.

This is getting ridiculous!

Are defense costs all attorney fees?

 

[Kimberlyd125]

Has the Federal Government done the same? Everyone pays uncle sam

Not everyone pays Uncle Sam.

 

[LambChop]

Not exactly. 1)Florida has no income tax, and 2)Gifts you receive aren't considered income. It doesn't matter how large they are. You don't report them on your income tax return in any way.

I don't think it's considered a gift when you set up a PayPal Account. I believe that is considered soliciting funds and he certainly is not a non-profit organization. jmo

http://definitions.uslegal.com/s/solicitation/

 

[annalia]

No, he bought a phone card along with his new underwear in jail. He could have called and found out how much money was in it.

There are really no excuses to be made here, they all knew about the website including the attorney.

It was his own brother running it, would they really expect everyone to believe that he never told anyone what was in it? They all knew prior to the bond hearing that he may get out on bail, they needed to come up with money, no one ever thought, hey I wonder how much we collected, no one ever thought, let's check with JR who's running the site?

JMHO

 

[suzihawk]

After Zimmerman set up his website he was quickly put in jail so he might have not known how much money in donations he got at the time of the hearing.

His brother knew according to Shellie's testimony at the bond hearing.

 

[rossva]

You forgot to include:

Who pays the gift tax?
The donor is generally responsible for paying the gift tax. From the same link you listed.
http://www.irs.gov/businesses/small/article/0,,id=108139,00.html#2

Florida does not have income tax but we still have to pay federal income tax, there is also federal taxes on gifts, the federal gift tax limit is $13,000, anything over that is taxed. Donations are not considered "gifts", unless set up as a charity and you pay full tax on donations.

http://www.irs.gov/publications/p950/ar02.html

Gift Tax

The gift tax applies to transfers by gift of property. You make a gift if you give property (including money), the use of property, or the right to receive income from property without expecting to receive something of at least equal value in return. If you sell something for less than its full value or if you make an interest-free or reduced-interest loan, you may be making a gift.

The general rule is that any gift is a taxable gift. However, there are many exceptions to this rule.

Generally, the following gifts are not taxable gifts:

Gifts, excluding gifts of future interests, that are not more than the annual exclusion for the calendar year,

Tuition or medical expenses paid directly to an educational or medical institution for someone else,

Gifts to your spouse,

Gifts to a political organization for its use, and

Gifts to charities.

 

[grandmaj]

PayPal with a subpeona will gladly provide the records of how much was placed in that account. No worries there. Those records will be available.

 

[Adrienne37]

His parents house was said to have equity and his mother said they would be willing to put that up.

and a son who truly cared about his parents as they grow into their elderly years wouldn't want their parents to obtain a second mortgage on a home if they were sitting on $200,000 in donations.


~jmo~

 

[Kimberlyd125]

Nothing stopping him from finding out.

He was incarcerated until after the bond hearing.
So maybe he didn't know at the time of the hearing.
I think that's what Jenny meant.

 

[Emma Peel]

Reports or rumors, IDk which, had said that O'Mara was working pro-bono but now, in the above linked CNN article O'mara is quoted as saying that a defense like this could cost upwards to $1,000,000.

This is getting ridiculous!

they don't work pro-bono forever once client is declared indigent, IIRC.

 

[LambChop]

Not everyone pays Uncle Sam.

True...some end up in jail. We see what happened when he didn't pay on his credit card. Uncle Sam is a lot tougher.....jmo

 

[Just K]

It's not about what the money is used for it's about the fact that there are lies all over the place about this money, this website, these donations, etc. Zimmerman's family stated in the hearing that they had no money so needed a low bond yet we have now been told that the website has collected $200,000. Why would Zimmerman want anyone to put a mortgage on their home if this money was available? If that's the way he thinks, it just further convinces me that this man is truly a piece of work.


~jmo~

I read GZ had "WEBSITES" collecting money not just one. Anyone have a link showing there was more than one.

 

[rossva]

Again, not exactly.

Is receiving a monetary gift taxable income?

No, not to the recepient. The tax is paid as a gift tax by the givor.


The person who receives your gift does not have to report the gift to the IRS (except for certain gifts from foreign sources) or pay gift or income tax on its value.


Read more: http://wiki.answers.com/Q/Is_receiving_a_monetary_gift_taxable_income#ixzz1tCYzN1Lm

Has the Federal Government done the same? Everyone pays uncle sam

 

[Kimberlyd125]

Reports or rumors, IDk which, had said that O'Mara was working pro-bono but now, in the above linked CNN article O'mara is quoted as saying that a defense like this could cost upwards to $1,000,000.

This is getting ridiculous!

He could work pro bono and the defense could still cost upwards of $1,000,000.00

There are many expenses on defending or prosecuting a case.
Not just attorney fees.