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.
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:
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