Patrick <patrizio[at]canada.com> wrote:

- quote -

Yes, no.

You can gift him foregivesness of the interest before he
pays it.

However, it's still taxable income to you.

Seth

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >

Greetings,

I hold the note for my son's house. He is paying me about
$130.00 a month in interest which I report each year.

Last year I gifted him $9999.00.

This year I was thinking of a different way to give the gift.

I would like to gift the interest... before it's received.

Would it be possible for me to gift him the monthly
interest each month BEFORE it's received and thus have no
interest to claim on my tax return?

Logic tells me that onee cannot gift money before it's
received.. one cannot give what one does not yet have...
but I was just wondering.

Any suggestions?

Thanks

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >