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#1
01-15-2008, 03:17 AM
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 Re: Gift Tax qestion On Jan 14, 10:53*am, "Paul Thomas, CPA" <paulthomascp...[at]bellsouth.net> wrote: - quote - > "Alex M" <lall...[at]yahoomail.com> wrote
so you're over $12K limit allready..Why don't you just forget it> > * *My girl-friend lives with me and my son. everymonth during the calander > > year 2006 I gave her $1000. Can I claim this amount as gift for tax > > purpose? > It in fact ~is~ a gift. *If you gave her any more than that amount ($12,000 > for the year), in cash, check, or other gifts, then you must file a gift tax > return. > You do not get to claim the $12,000 paid to her as a charitable deduction on > Schedule A. *In otherwords, it doesn't reduce your income any. > > Also if there are any other consequences. > Oh, there always are other consequences. > -- > Paul A. Thomas, CPA > Athens, Georgia > -- > << ------------------------------------------------------- > > << The foregoing was not intended or written to be used, * > > << nor can it used, for the purpose of avoiding penalties *> > << that may be imposed upon the taxpayer. * * * * * * * * *> > << * * * * * * * * * * * * * * * * * * * * * * * * * * * * > > << * The Charter and the Guidelines for submitting posts * > > << *to this newsgroup as well as our anti-spamming policy *> > << * * * * * * * * *are atwww.asktax.org. * * * * * * * * > > << * * * * Copyright (2007) - All rights reserved. * * * * > > << ------------------------------------------------------- > Yea, another consequence is that her room and board are also "gifts" because gifts do you no good tax wise. ed. -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
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01-14-2008, 03:53 PM
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| Re: Gift Tax qestion "Alex M" <lallavj[at]yahoomail.com> wrote - quote - > My girl-friend lives with me and my son. everymonth during the calander > year 2006 I gave her $1000. Can I claim this amount as gift for tax > purpose? It in fact ~is~ a gift. If you gave her any more than that amount ($12,000 for the year), in cash, check, or other gifts, then you must file a gift tax return. You do not get to claim the $12,000 paid to her as a charitable deduction on Schedule A. In otherwords, it doesn't reduce your income any. - quote - > Also if there are any other consequences. Oh, there always are other consequences. -- Paul A. Thomas, CPA Athens, Georgia -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
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#-1
01-14-2008, 03:35 PM
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| Gift Tax qestion Hi, My girl-friend lives with me and my son. everymonth during the calander year 2006 I gave her $1000. Can I claim this amount as gift for tax purpose? Also if there are any other consequences. Thanks -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
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| gift, qestion, tax |
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