Conference nyoss1::market_investing

    
    	Upper limit is $30,000. Gift tax doesn't apply under this level
    to the recipient. Donor gets NO tax breaks. Suggest you contact a
    real Tax Accountant before proceeding.
    
    		the Greyhawk

    I thought you can only give $10,000 per year per person, not $30,000.
    If you have 3 children you can give each $10,000 for a total of $30,000.
    If you are married your wife can do the same, in effect the both of you
    could give $60,000 combined to 3 children.

    My understanding agrees with .2. You can give $10k per person, per year
    without tax implications. But, you can not take a tax deduction on the
    gift. It is also important to point out that I am not an accountant.
    
    Mike

.0 is talking about _siblings_.  As far as I know, all previous discussion 
about gifts has been about children.  I am interested to know if the $10k rule
is for any "relative", including parents.  Is it just for children?  Or is it
for any person?

I'll keep reading.

Elaine

    
    	.2 and .3 are right as far as giving to children or grandchildren.
    The limit is $20,000 annually, $10,000 per parent. Since the question
    in basenote said siblings, there is a question as to the applicability
    of this gift clause in the IRS code. It is my understanding that the
    limit (lifetime) is $30,000 for "non-children". 
    	In any case consult a tax accountant first.
    
    		the Greyhawk

I have a couple of tax questions.

1. My 1994 1040 booklet does not have any instructions for schedule D.
   The 1040 booklet that I received for the prior few years did have
   instructions for schedule D.

   Have they dropped that from the 1994 booklet, or do I just have the
   wrong version of the 1040 booklet?

2. I have the 1992 edition of Pub 564 (Mutual Fund Distributions).
   In that booklet it says that if you use the "Average cost" method
   for reporting gains on mutual funds that you must indicate that you
   are using that method, on your tax return.  But it fails to tell you
   where or how to indicate that.

   I plan to use the "Average cost, single category" method, since that
   is how Schwab reported it to me.  Since Schwab did all the work via
   this method it is easiest for me to use that method.

   Does anyone know what is the correct way to tell the IRS that I am
   using the "Average cost" method?

Thanks for any help,

 - Al

P.S. I have been trying to call the 800-829-1040 number for days, but
     all I get is a busy signal.

re .6: On Sched D, for purchase date (of shares sold), just enter "Various"

>>1. My 1994 1040 booklet does not have any instructions for schedule D.
>>   The 1040 booklet that I received for the prior few years did have
>>   instructions for schedule D.

>>   Have they dropped that from the 1994 booklet, or do I just have the
>>   wrong version of the 1040 booklet?

My 1040 book has instructions for schedule D, pages D-1,... I think they are
after the tax tables.

> My 1040 book has instructions for schedule D, pages D-1,... I think they are
> after the tax tables.

	Note that there is more than one version of the 1040 package.  On
	the top cover, lower right hand corner, you'll see it says:

		Package 1040-x

	where "x" differs from taxpayer to taxpayer.  Mine is 1040-9
	and does *not* have instructions for Sch. D (nor Sch. D included).
	Interesting seeing that I did file a Sch. D last year.

	I think someday soon we may find each Package is customized per
	taxpayer based on the forms filed the previous year ....

    RE .6: I just write "Average cost, single category" near the line item
    with an arrow to indicate the method used. This should satisfy IRS
    regulations.
    
    Ray

    > I think someday soon we may find each Package is customized per
    > taxpayer based on the forms filed the previous year ....
    
    Even better, they could send them to us already completed :-)
    				Jim