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re: One time gifts person to person and tax deduction (updated)
Posted on 6/11/16 at 8:17 am to baldona
Posted on 6/11/16 at 8:17 am to baldona
Have a good friend whose vehichle broke. There are at the moment flat broke with 7 kids, living out of an RV. The vehicle was the tow vehicle.
I have a similar vehichle we are considering upgrading any way. I want to gift it to him. The value is about 6 k.
I am pay a hefty tax burden and don't want to lose the trade in value of the vehichle if possible and was hoping to use the gift as a write off.
Maybe I can gift to church and have church give to him?
I have a similar vehichle we are considering upgrading any way. I want to gift it to him. The value is about 6 k.
I am pay a hefty tax burden and don't want to lose the trade in value of the vehichle if possible and was hoping to use the gift as a write off.
Maybe I can gift to church and have church give to him?
1
Posted on 6/11/16 at 9:52 am to Bleeding purple
Be careful with the Church idea. Is how college scholarship monies were handled by some years ago until the IRS caught up and said ....no go, no more
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