[ted clement]

If I give my daughter, say 10K, as a gift, can I deduct it? And can she not pay taxes on it?

 

[Analytical]

I believe it's as follows. You can give up to $11,000 without a gift tax. You cannot deduct the gift. The recipient does not pay taxes on the gift.

When you cross that $11,000 line, it gets messy. You, the person giving the gift, need to file a gift tax return. You, the person giving the gift, not the recipient, might owe gift tax. The recipient still does not pay taxes.

This is explained in it's normally clear, crisp detail at http://www.irs.gov/businesses/small/art ... 39,00.html

 

[ted clement]

Bruce, thanks. That makes sense...........I guess. :lol:

 

[Russ Schaeffer]

You can give a gift to spouses (your child's spouse)and children also so if you need to dispurse more than $11,000 that is one way to get around it.

Thanx
Russ

 

[NormanB]

If I give my daughter, say 10K, as a gift, can I deduct it? And can she not pay taxes on it?

Hi Ted - I cannot help on that one.

But you can donate a similar amount to a Brit and he will not have to pay tax (rule 6) - try it !

PS: PM for my account number! :lol:

 

[ted clement]

Gee Norman, I offered to send you some of those little plastic doohickies that hold the Burg togather and you turned me down. Now I know why...you were waiting for the BIG ONE!

As to why Blair supported Bush in Iraq? U.S. $$$$$$$$ (mine) in one form or the other. So I give you full authority under title 6 to deduct all you want off your income tax. Tell Mr. Blair I said it was o.k. :lol: