Re: How to enter non-charity tax-free gift in Form 1040?

From: Rich Carreiro <rlcarr@animato.pn.com>
Subject: Re: How to enter non-charity tax-free gift in Form 1040?
Date: Sun, 11 Apr 1999 13:37:53 -0400

Next Article (by Date): Re: Deductible Gifts to Individuals "Harold R. Justice"
Articles sorted by: [Date] [Author] [Subject]

>(1) If one made tax-free gift ($<10,000) to individuals (not to charities), where should one put the (deductible?) amount in Form 1040?

Nowhere.  You don't get deductions for gifts made to individuals.  You only
get deductions for gifts made to IRS-approved public charities or private
foundations.

>(2) Does TurboTax/TaxCut support this kind of entry?

I doubt it, since there's no grounds for the deductions.

Rich Carreiro
rlcarr@animato.pn.com
P5-100/RedHat Linux 5.2

- -

Next Article (by Date): Re: Deductible Gifts to Individuals "Harold R. Justice"
Articles sorted by: [Date] [Author] [Subject]

Go to Jeff Salisbury LWGate Home Page.