Re: Homeless Sister Deductions?

From: Rich Carreiro <rlcarr@animato.pn.com>
Subject: Re: Homeless Sister Deductions?
Date: Tue, 8 Dec 1998 18:34:07 -0500

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>business for which she receives no monetary compensation. Since I can
>recieve up to $10K deduction for gifts to relatives,

There is no such thing as a "$10K deduction for gifts to relatives."

What you may be thinking of is that gifts of under $10K per year per
person (to ANY person, not just relatives) have no GIFT TAX consequences.

The gift tax is an entirely separate creature from the income tax.

Rich Carreiro
rlcarr@animato.pn.com
P5-100/RedHat Linux 4.2

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