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  #4  
Old 08-16-2008, 06:27 PM
Dick Adams
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Posts: n/a
Default Re: Wording of documentation that money given is a gift

kalanamak <kalanamak[at]qwest.net> wrote:
- quote -

> Bill Brown wrote:

> > This won't be the least bit helpful but if one
> > of my sons (both of whom I love very much and
> > speak to often) made that sort of demand, I
> > would be tempted to write, "I was going to
> > give you $xxxx but you got so snarky about it
> > I decided not to."


Probably 40 years ago I lost a $10 bet to my
father and went to write him a check. He demanded
cash saying that if he took my check I might be
able to deduct it as a medical expense (he was a
doctor), So I smiled, wrote "gambling debt" on
the memo line, and handing it to him said "Now I
can only deduct it against my gambling winnings."

- quote -

> > Then, of course, my wife would overrule me.

> And, yes, I did. I hope these girls will someday
> grow up and long after I'm dead, be nice to my
> son, who is their half-sib, and, after his
> parents-who-had-him-very-late-in-life are gone,
> they will be all he has...


This is not a tax problem but rather a social work
problem. Growing up is hard to do. Your son will
have the love of his parents, his education, his
friends, and his career. It is his half-sisters
who will have less for they will miss out on the
sharing the joys of his life as they reach the
age when such joys are fewer for them.

Dick

--
<< ------------------------------------------------------- > << 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. > << ------------------------------------------------------- >
  #3  
Old 08-16-2008, 07:36 AM
kalanamak
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Posts: n/a
Default Re: Wording of documentation that money given is a gift

Bill Brown wrote:

- quote -

> This won't be the least bit helpful but if one of my sons (both of
> whom I love very much and speak to often) made that sort of demand, I
> would be tempted to write, "I was going to give you $xxxx but you got
> so snarky about it I decided not to."
> Then, of course, my wife would overrule me.


And, yes, I did. I hope these girls will someday grow up and long after
I'm dead, be nice to my son, who is their half-sib, and, after his
parents-who-had-him-very-late-in-life are gone, they will be all he has...

- quote -

> The sentence in your post after "something like" should work.

Okay, will do.

--
<< ------------------------------------------------------- > << 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. > << ------------------------------------------------------- >
  #2  
Old 08-16-2008, 04:29 AM
Phil Marti
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Default Re: Wording of documentation that money given is a gift

"kalanamak" wrote:

- quote -

> Hubby has given his grown daughters some money. It is below the $12,000
> mark. One is being given this via daughter's MIL (daughter doesn't speak
> to hubby).


Why he wants to give nonspeaking daughter anything other than contempt is
beyond me, but it's his money. I assume that nonspeaking daughter will
speak to his money, so regardless of who delivers the check, it should be
made out to the daughter.

- quote -

> Both MIL and speaking daughter have asked for a signed note
> stating it is a gift and not payment for property or labour, so they can
> prove it isn't taxable income.


Write "gift" on the memo line. If they don't like it they don't have to
cash it.

--
Phil Marti
Clarksburg, MD

--
<< ------------------------------------------------------- > << 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. > << ------------------------------------------------------- >
  #1  
Old 08-16-2008, 04:28 AM
Dick Adams
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Posts: n/a
Default Re: Wording of documentation that money given is a gift

kalanamak <kalana...[at]qwest.net> wrote:

- quote -

> Hubby has given his grown daughters some money. It is below
> the $12,000 mark. One is being given this via daughter's
> MIL (daughter doesn't speak to hubby). Both MIL and
> speaking daughter have asked for a signed note stating it
> is a gift and not payment for property or labour, so they
> can prove it isn't taxable income. ....


Apparently there's some family history here of which we
are not aware.

When I write a check and it's a gift, I write "Gift" in
the memo line of the check. It's that simple.

The only time I've ever written a letter to explain it
was a gift was when I gave some money to the then-Mayor
of Durham, NC to help defray his personal expenses due
to a recall petition. I did so only because checks
written to politions are presumed to be campaign
contributions.

Why was there a recall petition?
He said "People should be able to live without fear
of violence." Yes, that's why some nitwits started
a recall petition against him. That and because he
said it in a speech at a Gay Pride Rally. Thankfully
there were not enough nitwits in Durham to garner the
needed signatures.

Dick

--
<< ------------------------------------------------------- > << 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. > << ------------------------------------------------------- >
 
Old 08-16-2008, 03:59 AM
Bill Brown
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Posts: n/a
Default Re: Wording of documentation that money given is a gift

On Aug 15, 9:55*pm, kalanamak <kalana...[at]qwest.net> wrote:
- quote -

> Hubby has given his grown daughters some money. It is below the $12,000
> mark. One is being given this via daughter's MIL (daughter doesn't speak
> to hubby). Both MIL and speaking daughter have asked for a signed note
> stating it is a gift and not payment for property or labour, so they can
> prove it isn't taxable income.
> I've googled about and found sites stating that the canceled check is
> enough, but they want a letter. Many moons ago, I saw one sent to my ex
> by his parents, and said something like
> The amount of XXXX is freely given to our son, and is not payment for
> goods or services, but given only out of our affection.
> Anyone have advice on what I should write? (I do the paperwork in the
> family).


This won't be the least bit helpful but if one of my sons (both of
whom I love very much and speak to often) made that sort of demand, I
would be tempted to write, "I was going to give you $xxxx but you got
so snarky about it I decided not to."

Then, of course, my wife would overrule me.

The sentence in your post after "something like" should work.

--
<< ------------------------------------------------------- > << 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. > << ------------------------------------------------------- >
  #-1  
Old 08-16-2008, 01:55 AM
kalanamak
Guest
 
Posts: n/a
Default Wording of documentation that money given is a gift

Hubby has given his grown daughters some money. It is below the $12,000
mark. One is being given this via daughter's MIL (daughter doesn't speak
to hubby). Both MIL and speaking daughter have asked for a signed note
stating it is a gift and not payment for property or labour, so they can
prove it isn't taxable income.


I've googled about and found sites stating that the canceled check is
enough, but they want a letter. Many moons ago, I saw one sent to my ex
by his parents, and said something like

The amount of XXXX is freely given to our son, and is not payment for
goods or services, but given only out of our affection.


Anyone have advice on what I should write? (I do the paperwork in the
family).

Thanks so much!

--
<< ------------------------------------------------------- > << 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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documentation, gift, money, wording
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