Gifting a 5th wheel

[dacotah]

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"?

 

[Snipes5]

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

 

[dacotah]

I thought you could gift value of $10,000 each year per person. They gifted our land to us over many years.

 

[anteater]

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!

 

[Snipes5]

You can give it to them, no problem. You just can't use it as a tax deduction.

Snipes