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Author: wstfield32 Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 124944  
Subject: Affect of Cash Gifts on Taxes Date: 8/24/2001 10:39 PM
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I'm a rather new Fool and always felt that I was somewhat Foolish. I can see from the content here that I have a long way to becoming the Fool that I want to be. Awesome site!

I've searched the discussion boards and have found good content but I'm having trouble finding information on cash gifts. I recently parted with $10k to help a friend in need and wasn't sure if that could be considered as a gift. I've heard very little on gifts and how they relate to taxes but are they a help? Where can I find more information on them, if they exist. Also, I want to be sure that the other party would not have to pay additional taxes. Keep in mind, this was not a loan and I do not expect or want to get it back (except, maybe, in a little Kharma earned.).

Any help would be awesomely appreciated.
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