Gifts - Where to list?

#8 04-14-2005, 04:50 PM

"Bill Brown" <brownwp[at]longwood.edu> wrote:
- quote -

> D. Stussy wrote:
> > Joe-46er wrote:

> > > I am a clergyman who regularly gives gifts to my
> > > parishioners on special occasions. I assume these are
> > > deductible. But I don't know where I should list them.

> > You assume wrong. In general, gifts are not deductible.
> > > Gifts of a nominal value given in the course of one's trade
> > or business are subject to a $25/person-year maximum. That
> > would be deductible on Schedule C or form 2106, whichever is
> > appropriate for you.

> Stussy is correct. If the gifts are directly related to
> Joe's clergy activity then $25 per year per receipient
> (non-cash only) is deductible.

Hey thanks all. Most of the gifts are Bibles or study books
on faith. Never "general" gifts like a tie or a CD player.

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#7 04-14-2005, 03:53 PM

Sassy Baskets, EA wrote:

- quote -

> Wrong. See Publication 463, Travel, Entertainment, Gift,
> and Car Expenses:
> "If you give gifts in the course of your trade or business,
> you can deduct all or part of the cost."
> I think these gifts would be the same as any business giving
> gifts to clients or customers. There is a $25 limit per
> individual recipient.

Well, okay then. Since a preacher is a church employees,
these gifts go to schedule A, and subject to the 2% floor.
Reckon that will benefit him tax wise?

ChEAr$$$$,
Harlan Lunsford, EA n LA]
13 Apr 2005
ONLY two days more!

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#6 04-13-2005, 07:11 PM

D. Stussy wrote:
- quote -

> Joe-46er wrote:

> > I am a clergyman who regularly gives gifts to my
> > parishioners on special occasions. I assume these are
> > deductible. But I don't know where I should list them.

> You assume wrong. In general, gifts are not deductible.
> Gifts of a nominal value given in the course of one's trade
> or business are subject to a $25/person-year maximum. That
> would be deductible on Schedule C or form 2106, whichever is
> appropriate for you.

Stussy is correct. If the gifts are directly related to
Joe's clergy activity then $25 per year per receipient
(non-cash only) is deductible.

Regards,
Bill

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#5 04-13-2005, 07:11 PM

Wrong. See Publication 463, Travel, Entertainment, Gift,
and Car Expenses:

"If you give gifts in the course of your trade or business,
you can deduct all or part of the cost."

I think these gifts would be the same as any business giving
gifts to clients or customers. There is a $25 limit per
individual recipient.

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#4 04-12-2005, 10:30 PM

Joe-46er wrote:

- quote -

> I am a clergyman who regularly gives gifts to my
> parishioners on special occasions. I assume these are
> deductible. But I don't know where I should list them.

You assume wrong. Gifts to individuals are not deductible
and are not listed anywhere on your tax return.

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#3 04-12-2005, 10:30 PM

Joe-46er wrote:

- quote -

> I am a clergyman who regularly gives gifts to my
> parishioners on special occasions. I assume these are
> deductible. But I don't know where I should list them.
> Thanks.

You may *only* deduct gifts to parishioners *if* the
prishioners are listed with the Internal Revenue Service as
a charitible organization. This I doubt. Then it goes on
Schedule A.

Missy Doyle

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#2 04-12-2005, 10:11 PM

Joe-46er <nobody[at]nospam.com> writes:

- quote -

> I am a clergyman who regularly gives gifts to my
> parishioners on special occasions. I assume these are
> deductible.

You assume incorrectly. Gifts to individuals are never,
ever deductible.

--
Rich Carreiro rlcarr[at]animato.arlington.ma.us

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#1 04-12-2005, 09:14 PM

Joe-46er wrote:

- quote -

> I am a clergyman who regularly gives gifts to my
> parishioners on special occasions. I assume these are
> deductible. But I don't know where I should list them.

You assume wrong. In general, gifts are not deductible.

Gifts of a nominal value given in the course of one's trade
or business are subject to a $25/person-year maximum. That
would be deductible on Schedule C or form 2106, whichever is
appropriate for you.

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04-12-2005, 08:55 PM

Joe-46er wrote:

- quote -

> I am a clergyman who regularly gives gifts to my
> parishioners on special occasions. I assume these are
> deductible. But I don't know where I should list them.
> Thanks.

Gifts are not tax deductible.

In a business setting... .(duh! I forgot! churches ARE a
business!) then limited to 25$ per year.

But seriously, as an employee of the church, I don't think
you have a case.

ChEAr$$$,
Harlan Lunsford, EA n LA
11 Apr 2005
4 days and counting...... down.....\

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#-1 04-11-2005, 09:27 PM

I am a clergyman who regularly gives gifts to my
parishioners on special occasions. I assume these are
deductible. But I don't know where I should list them.
Thanks.

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