Is NYU full price worth over USC $$$$? Forum

[cotiger]

Gifts are taxable above $14,000 per recipient, so only the first $28,000 would be tax free.

Gifts above $14,000 count against your lifetime gift exemption of $5,340,000. If the OP dies with more than $5,340,000 in assets he'll have to deal with this, keeping in mind that the first $28,000, since he has two parents, won't count each year.

That's not what I see on the IRS website. They say that any gift is a taxable gift unless it's one of the exemptions (such as under 14k). They also say that a zero-interest loan is considered a gift.

http://www.irs.gov/Businesses/Small-Bus ... Gift-Taxes

[Tiago Splitter]

Gifts are taxable above $14,000 per recipient, so only the first $28,000 would be tax free.

Gifts above $14,000 count against your lifetime gift exemption of $5,340,000. If the OP dies with more than $5,340,000 in assets he'll have to deal with this, keeping in mind that the first $28,000, since he has two parents, won't count each year.

That's not what I see on the IRS website. They say that any gift is a taxable gift unless it's one of the exemptions (such as under 14k). They also say that a zero-interest loan is considered a gift.

Your second sentence is correct. You're just going to have to trust me on the taxability of gifts thing bro. You crush debt calculations, but I got you here.

http://www.thephinsider.com/2014/2/12/5 ... tant-dates
http://www.forbes.com/sites/deborahljac ... d-to-know/
http://www.montereytrust.com/gifting-gift-tax.htm

[cotiger]

Gifts are taxable above $14,000 per recipient, so only the first $28,000 would be tax free.

Gifts above $14,000 count against your lifetime gift exemption of $5,340,000. If the OP dies with more than $5,340,000 in assets he'll have to deal with this, keeping in mind that the first $28,000, since he has two parents, won't count each year.

That's not what I see on the IRS website. They say that any gift is a taxable gift unless it's one of the exemptions (such as under 14k). They also say that a zero-interest loan is considered a gift.

Your second sentence is correct. You're just going to have to trust me on the taxability of gifts thing bro. You crush debt calculations, but I got you here.

http://www.thephinsider.com/2014/2/12/5 ... tant-dates
http://www.forbes.com/sites/deborahljac ... d-to-know/
http://www.montereytrust.com/gifting-gift-tax.htm

Huh. Weird that the IRS doesn't say what happens if you exceed the annual exemption on their website. But yeah, I believe you. Having the 5.3 mil exemption only counting for dead people doesn't make too much sense.

[Intella32]

Thanks for all the great advice. Reading them really helped me to think through this.

Since 120k is substantial and real but the 30% extra safety net for biglaw is difficult to be appreciated until the 1st semester grades arrive, I was at first inclined to take the $$ offer.

However, given my personal preference and career goal in corporate biglaw, I believe I will be more happy by maximizing my career chance with some "debts" than to take on the extra risk.

Through this thread, I wished to do some reality check that I was not doing something abominably irrational by making this choice.

Regarding my parents, neither of them are bankers. Thus, as speculated, I could exploit their goodwill. But unless the worst happens, my conscience will demand me pay the full amount back to them as soon as possible. (Also thanks for bringing up the tax issue. I will also look into this).

Regarding the other T14s, as some people mentioned, 60k~90k offers from T14 could swing my mind. However, given my stat, I doubt P or B will make such offer (WLed at V, no words from M). I am still waiting for $$ decisions from DNCG, but do not have too much high hopes.

Again, thank you all for the inputs on this issue.

[Tiago Splitter]

yeah if you want corporate biglaw USC isn't really a worthwhile option unless your second choice is CA smalllaw, which usually means litigation. If it's corporate or bust, then you gotta either go NYU, another T14 with money, or just take a raincheck on law school.

[rickgrimes69]

Regarding the other T14s, as some people mentioned, 60k~90k offers from T14 could swing my mind. However, given my stat, I doubt P or B will make such offer (WLed at V, no words from M). I am still waiting for $$ decisions from DNCG, but do not have too much high hopes.

I wouldn't be so sure. Getting into NYU usually nets $$$ from lower T14. Lower T14 with $$$ > NYU at Sticker is a no-brainer.

[Intella32]

Regarding the other T14s, as some people mentioned, 60k~90k offers from T14 could swing my mind. However, given my stat, I doubt P or B will make such offer (WLed at V, no words from M). I am still waiting for $$ decisions from DNCG, but do not have too much high hopes.

I wouldn't be so sure. Getting into NYU usually nets $$$ from lower T14. Lower T14 with $$$ > NYU at Sticker is a no-brainer.

You were so right about this. Got an offer just shy of USC offer from T10. I'll see if i could find some bread crumbs from uchi and nyu.

[BigZuck]

Regarding the other T14s, as some people mentioned, 60k~90k offers from T14 could swing my mind. However, given my stat, I doubt P or B will make such offer (WLed at V, no words from M). I am still waiting for $$ decisions from DNCG, but do not have too much high hopes.

I wouldn't be so sure. Getting into NYU usually nets $$$ from lower T14. Lower T14 with $$$ > NYU at Sticker is a no-brainer.

You were so right about this. Got an offer just shy of USC offer from T10. I'll see if i could find some bread crumbs from uchi and nyu.

100K at Duke>>>>>>bread crumbs at CCN

Enjoy Duke brejh

[rickgrimes69]

Regarding the other T14s, as some people mentioned, 60k~90k offers from T14 could swing my mind. However, given my stat, I doubt P or B will make such offer (WLed at V, no words from M). I am still waiting for $$ decisions from DNCG, but do not have too much high hopes.

I wouldn't be so sure. Getting into NYU usually nets $$$ from lower T14. Lower T14 with $$$ > NYU at Sticker is a no-brainer.

You were so right about this. Got an offer just shy of USC offer from T10. I'll see if i could find some bread crumbs from uchi and nyu.

100K at Duke>>>>>>bread crumbs at CCN

Enjoy Duke brejh

[kaiser]

As much as I love NYU, I absolutely would have taken 100K from a lower T-14 school. Thats a serious chunk of cash, plus you still get a T14 degree from a great school. Sounds like the right path, especially if you don't really know what you want to do after you graduate. By cutting away some of the debt, you give yourself a bit more flexibility.

[iamgeorgebush]

nyu. no contest.

[BigZuck]

nyu. no contest.

NYU sticker over 100K at a lower T14? Without question? Come on, there has to at least be a question.

[iamgeorgebush]

nyu. no contest.

NYU sticker over 100K at a lower T14? Without question? Come on, there has to at least be a question.

i was responding to op of nyu sticker vs usc $$$$, with loans coming from his parents. i see now that he got something like 100k from T10. in that case, i'd say the T10 w/ 100k over nyu at sticker, but i'd also be surprised if op couldn't get something from nyu with the 100k from T10 as leverage.

[lawschool22]

Gifts are taxable above $14,000 per recipient, so only the first $28,000 would be tax free.

Gifts above $14,000 count against your lifetime gift exemption of $5,340,000. If the OP dies with more than $5,340,000 in assets he'll have to deal with this, keeping in mind that the first $28,000, since he has two parents, won't count each year.

titcr

Most people never have to deal with the gift tax, unless we're talking about serious cash. But you do have to report it.