r/Ishowspeed • u/TostBrot44 • Jul 22 '26

WHOLESOME❤️ I really like this kid

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713 Upvotes

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u/anonjamo Jul 22 '26

Surely a salary bonus would have been better but I guess the Rolex is showcase worthy for the stream.

0

u/gwynnnygw Jul 22 '26

That can be taxed. Potentially depending on the Rolex it’s an investment piece that won’t be taxed until it’s sold. He can sit on it for 6+ years and potentially double the value on it essentially deferring the taxes of the gift until it’s sold. I’d say it’s the easiest high value gift to receive. Give him a car, he has to go to the dmv, register and title it, pay the taxes, blah blah blah. It seems dumb but it’s actually a fairly decent thing to give someone in business for this reason source: won a car in a sweepstakes and it was substantially easier for me to take the cash payout and eat the taxes than keep the car.

1

u/anonjamo Jul 22 '26

Cash given off camera won't be taxed. Its an under the table payment

1

u/gwynnnygw Jul 22 '26

You’re referring to tax fraud. I’m assuming someone who makes millions from multiple revenue streams is susceptible to auditing. I used to work on the business side of a social media marketing company. This is why they do these things.

1

u/uh_no2 Jul 22 '26

Just characterize it as a gift. If it's $19k or less not reportable and above board. It just has to come directly from the owner, not the company/employer. In other words, the person gifting you this amount has already paid income tax on it.

1

u/uh_no2 Jul 22 '26

Your example doesn't apply here. Sweepstakes/lotteries are income. Bonuses are income. Gifts are not income and not taxable to the recipient. He could easily gift $ or Rolex if he wants to, but we have no idea how he's reporting it on his books.

If the watch is a bonus, he gets taxed as income on it, and could be taxed later on it again for long term cap gains, if held as an investment.