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Conference nyoss1::market_investing

Title:	Market Investing

Moderator:	2155::michaud

Created:	Thu Jan 23 1992
Last Modified:	Thu Jun 05 1997
Last Successful Update:	Fri Jun 06 1997
Number of topics:	1060
Total number of notes:	10477

857.0. "Gift to parents and tax write off" by NODEX::CLBMUD::mcgreal (Pat McGreal 297-2285) Tue May 02 1995 12:27

	I recently gave my parents a $8200 so that they could buy a new 
	car. They came up with the remainder. Is it possible for me to 
	write that money off on next years taxes as a gift to a relative?
	

	Pat

T.R	Title	User	Personal Name	Date	Lines
857.1	nope	MRKTNG::BROCK	Son of a Beech	`Tue May 02 1995 12:51`	1
	nope
857.2		VSSCAD::SIGEL		`Tue May 02 1995 17:24`	6
	Re .0 You can't write off the $8200. Your parents, however, do not have to declare it as income, since it's under the gift limit of $10K per person. -- Andrew