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Re:John Carmack: I loaned money to anyone that asked me by toast0 on Monday January 09, 2023 @12:54PM (#34313368)
Because if they weren't, I'd gift my work to my employer and they'd gift me money to live on. And there would be a similar exchange of gifts with customers and suppliers, rather than purchases and subscriptions.

The paperwork only starts when you gift one person more than $16k (2022 value) in one year, which is quite a large gift and the lifetime estate tax exemption is also very high (currently $12M), so even if you do need to file paperwork because a gift is taxable, the tax rate is likely to be 0% for almost everyone. And as much as people complain about death being taxable, most people don't have that many tears for the tax impact on people who had a $15M estate.

Re:John Carmack: I loaned money to anyone that asked me by giantg2 on Monday January 09, 2023 @01:03PM (#34313562)
That would fail the bona-fide gift rule if the current obligations employers require were still in place.
Re:John Carmack: I loaned money to anyone that asked me by FpUser on Monday January 09, 2023 @01:04PM (#34313574)
I said "private". I employer gives you money out of his own pocket it is a valid gift. If the money came out of corporate account - that just does not qualify.

But I understand the rest. I simply did not know that the rules are very reasonable. Myself I am in Canada not the US.