The Motley Fool Discussion Boards
Financial Planning / Tax Strategies
|Subject: Re: tax free gift (school Ira)||Date: 8/30/2001 5:30 PM|
|Author: JAFO31||Number: 53719 of 121144|
wizardinvestor: "I was looking for a gift to give to a x-girls freind son.
I always gave him things that would fall by the waste side. Now that I am not around him so much I do not know things to get him. Still wanting to get things for his b-day and x-mas, I am turning to the school ira.
One thing I was thinking not only does this help him to save for school. The gift can be a write off for me. (is my thinking right?)"
If this is the son of a former girlfriend (and who is not your son), this is a very generous gift. Your last thought, however, is incorrect. You do not get to write off (deduct) gifts to friends.
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