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Author: richdaughter Two stars, 250 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121585  
Subject: Child's charitable contributions Date: 2/14/2003 5:13 PM
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A little over a year ago, after intensive negotiations, we doubled DS's weekly allowance with a few requirements - one of which was that he contribute between 10% and 20% to a charity of his choice. He has been good about doing that, and has receipts for most of it.

Now that I am in the process of preparing my taxes, I am wondering how I deduct for those contributions. Can I lump it with mine under charitable contributions? Does it come off his income from investments? Or is this just something I don't deduct (and hope the karma will help him someday)?

The requirements that we put in place for him were so that he learnt to think about other children who did not have as much - not for tax reasons, but I don't want to give up on any deduction, no matter how small...

RichDaughter
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Author: ptheland Big gold star, 5000 posts Feste Award Nominee! Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 63838 of 121585
Subject: Re: Child's charitable contributions Date: 2/14/2003 6:38 PM
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I am wondering how I deduct for those contributions.

Technically, if it's his money, it will be his tax deduction. Typically, that would mean there's no benefit since charitable contributions are an itemized deduction and it is unlikely that an unemployed minor child would itemize deductions.

The practical answer - and remember that you didn't hear this from me <grin> - deduct the contributions on your return.

The requirements that we put in place for him were so that he learnt to think about other children who did not have as much

Very seriously, I congratulate you on helping your son to become aware that he is quite well off, especially compared to other countries around the world. After having typed my response above, I'd have to wonder about the mixed message it would send to him to take a tax deduction for something that is arguably not correct. I can imagine that it could be a tough decision for you.

--Peter

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