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  #1  
Old 01-05-2005, 11:49 PM
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Gifting a 5th wheel

What is the name of your state?Oregon
We would like to gift my husbands parents our 5th wheel worth about $6,000, can we take it as a tax writeoff as a "Gift"?
  #2  
Old 01-06-2005, 09:16 AM
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No. Gifts to specific persons are NOT "charity". Give it to the National Kidney Foundation, or the American Cancer Society though, and you're all set.

Snipes
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This post does not create an agreement to represent you before the IRS, nor does it invoke confidentiality regulations. Postings are based only on the information provided and you should consult a tax professional in your area before relying on information contained in this post.
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Old 01-06-2005, 09:49 AM
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I thought you could gift value of $10,000 each year per person. They gifted our land to us over many years.
  #4  
Old 01-06-2005, 10:08 AM
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Quote:
Originally Posted by dacotah
I thought you could gift value of $10,000 each year per person. They gifted our land to us over many years.
And if they took it as a deduction on their tax returns, let's hope that the IRS doesn't come calling!
  #5  
Old 01-06-2005, 06:25 PM
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You can give it to them, no problem. You just can't use it as a tax deduction.

Snipes
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This post does not create an agreement to represent you before the IRS, nor does it invoke confidentiality regulations. Postings are based only on the information provided and you should consult a tax professional in your area before relying on information contained in this post.
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