SG Kiyan Anthony (NY) COMMITTED & SIGNED TO SYRACUSE (11/15/24)

[AZOrange]

That’s not how gifts and taxes work. Melo could give Kiyan $13,610,000.00 this year without any Federal income taxes due from anyone. (Assuming no previous reported gifts, which would reduce that amount.)

Also, it could be a tax advantageous for the family for Melo to pay Kiyan money from one of his ventures, and let Kiyan pay income tax at his personal rate, rather than Melo pay the taxes at his rate. That’s for Melo’s tax folks to work out, which I am sure that they have.

You’re off by an order of 1000

 

[walsh2012]

If I’m Melo there’s no way I give any NIL to Kiyan tho lol

Oh for sure but i could see a big donation to collective and future investments

 

[sufandu]

If I’m Melo there’s no way I give any NIL to Kiyan tho lol

Didn't he already do that nearly 18 years ago? He gave him half his DNA. It doesn't get much more NIL than that.

 

[Orangezoo]

You’re off by an order of 1000

Yeah gift tax is threshold 14000. Melo would have to do it via a trust to avoid taxes.

 

[althea]

Yeah gift tax is threshold 14000. Melo would have to do it via a trust to avoid taxes.

$18,000 is gift limit in 2024 but there are many workarounds.

 

[walsh2012]

Please for the love of god not another tax thread

 

[Capt. Tuttle]

Only if Melo dies. You are quoting the inheritance tax, not the gift tax.

The person giving a gift pays full tax at ordinary income for every dollar over $18k in gifts. Melo could use the lifetime exclusion, but when he does die, the inheritance exclusion from taxes is also reduced by any gifts he gives.

Actually donating it to NIL, getting a deduction and then having his kid pay tax at his full (lower) ordinary income rate would actually be a net positive, assuming Melo shows any income at all these days. Most very rich people don't make any money (wink wink) that is taxable as income.

Most rich parents just pay all their kids bills and buy them things without directly transferring funds. Not that super rich people pay taxes anyway. Lol

Wrong. The lifetime exemption covers all gifts*, up to and including gifts made at your death through your estate and/ via testamentary substitutes.
It is a cumulative total.
That is why you will see probably see a flurry of gifts the next year or so, because the exclusion will be reset to between $6,000,000 -$7,000,000.00 on January 1, 2026.
* Gifts at or below the annual exclusion, currently $18,000.00, do not reduce your lifetime exemption.

Note: All gifts to spouses are exempt from gift or estate taxes.

 

[Orangezoo]

$18,000 is gift limit in 2024 but there are many workarounds.

Correct - forgot they upped it. Yes there are many workarounds - a trust being probably the easiest path.

 

[Niastri]

Please for the love of god not another tax thread

Until everybody learns the tax code, we just have to plow through.

 

[jordoo]

Until everybody learns the tax code, we just have to plow through.

I believe most federal taxes are unconstitutional. Federalism does give a larger leeway to the states to tax however a strict interpretation of the 4th amendment would not allow them access to any of your financial information. In other words taxes except sales tax, IMO.

Anyways I will be ecstatic when Kiyan commits to SU. He has continued to improve and I see no reason he wont continue to do so.

 

[721Comstock]

I believe most federal taxes are unconstitutional. Federalism does give a larger leeway to the states to tax however a strict interpretation of the 4th amendment would not allow them access to any of your financial information. In other words taxes except sales tax, IMO.

Anyways I will be ecstatic when Kiyan commits to SU. He has continued to improve and I see no reason he wont continue to do so.

Never had you pegged as a Libertarian / sovereign citizen type.

And agreed 144%!!!! Kiyan committing to Cuse will be UUUUUGE.
He went from "just a guy" a year ago, to being a legit top 50 talent.
And he surely will keep getting better - kid is putting in the work.

 

[jordoo]

Never had you pegged as a Libertarian / sovereign citizen type.

And agreed 144%!!!! Kiyan committing to Cuse will be UUUUUGE.
He went from "just a guy" a year ago, to being a legit top 50 talent.
And he surely will keep getting better - kid is putting in the work.

LOL. I'm not either. Good point though Kiyan is a legit top 50 guy and he's on that upward trajectory you like to see with a kid heading into his last year of highschool.

 

[Niastri]

I believe most federal taxes are unconstitutional. Federalism does give a larger leeway to the states to tax however a strict interpretation of the 4th amendment would not allow them access to any of your financial information. In other words taxes except sales tax, IMO.

Anyways I will be ecstatic when Kiyan commits to SU. He has continued to improve and I see no reason he wont continue to do so.

I didn't mean to invite insane takes on taxes, but we all live and learn.

I'm excited that all indications are that Kiyan is leaning towards Syracuse. He's a big recruit in a few different ways.

 

[Capt. Tuttle]

You’re off by an order of 1000

No. Lifetime estate gift tax & annual gift exclusions | Fidelity).

 

[OrangeXtreme]

 

[OrangeXtreme]

 

[cusefan88]

No Indiana. Interesting.

 

[jordville]

Sadiq and Kiyan are an excellent start to 2025…

 

[CuseMan4]

Mhmmmm no Indiana. All ya need to know

 

[Bulldog04]

Mhmmmm no Indiana. All ya need to know

Yep avoiding that curveball was big. They just extended Woodson too to help with getting Kiyan. We’re all good here officially now (in my mind and others)

 

[Orangefan1]

Mhmmmm no Indiana. All ya need to know

Bye Indiana!

 

[Sbucketball]

Rutgers lock

 

[Sbucketball]

My guess on Indiana - he and Melo are close with Woodson so he doesn't want to string him along or scare off other recruits at his position.

 

[Frozen]

Rutgers lock

 

[Red2003]

When’s he deciding?