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Author: wizardinvestor Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121341  
Subject: tax free gift (school Ira) Date: 8/30/2001 5:22 PM
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I was looking for a gift to give to a x-girls freind son.
I all way 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?)

Anthor plus is the cap of the Ira is going for $500- To $2500.
So others who want can put in to the Ira also If they know about it.
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Author: JAFO31 Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 53719 of 121341
Subject: Re: tax free gift (school Ira) Date: 8/30/2001 5:30 PM
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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.

Regards, JAFO




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Author: wizardinvestor Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 53724 of 121341
Subject: Re: tax free gift (school Ira) Date: 8/31/2001 12:08 AM
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Are you sure i was sure you could write it off, yet as you would a ira.

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Author: pmarti Big funky green star, 20000 posts Home Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 53726 of 121341
Subject: Re: tax free gift (school Ira) Date: 8/31/2001 4:54 AM
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Are you sure i was sure you could write it off, yet as you would a ira.

I was sure I'd win the Powerball drawing.

No, Ed IRA contributions are not deductible. You can verify this in IRS Publication 590, which you can download from www.irs.gov.

Phil Marti

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Author: JAFO31 Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 53728 of 121341
Subject: Re: tax free gift (school Ira) Date: 8/31/2001 11:31 AM
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wizardinvestor: "Are you sure i was sure you could write it off, yet as you would a ira."

Yes. Enough to say I would willing to buy you a lunch if I am incorrect.

phil, peter, edcosoft, or any of the other regular gurus (no offense intended to any I omitted naming directly), care to weigh in?

Regards, JAFO


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Author: JAFO31 Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 53729 of 121341
Subject: Re: tax free gift (school Ira) Date: 8/31/2001 11:34 AM
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JAFO31:

wizardinvestor: <<<<"Are you sure i was sure you could write it off, yet as you would a ira.">>>>

"Yes. Enough to say I would willing to buy you a lunch if I am incorrect.

phil, peter, edcosoft, or any of the other regular gurus (no offense intended to any I omitted naming directly), care to weigh in?"


I should have realized that someone had probably answered already and checked all the posts more carefully.

Thanks Phil!

Regards, JAFO




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