|
Posted by Harlan Lunsford on September 20, 2007, 10:46 pm
Please log in for more thread options
Carol EA wrote:
> Father passed away and Mother is the
> conservator/legal guardian of a minor child. Mother pays
> medical bills out of childs income. Can I deduct that on
> the Mothers tax return?
Wow, just when you think you've heard them all!
it's a good question of course. But I would say that only
if the child actually made a gift of the money to the
mother, a hard case to prove, given the state limitations on
minors' actions.
I posed a similar question regarding the possibility of
three sons' giving there parents stocks with capital gains
(when sold in the future), since parents have this humongous
capital loss carry forward and consensus of opinion was
that such a "gift" by minor children just wouldn't be
believable by IRS, nor even permitted under state law.
How is this similar to your case?
See why I think your's is a good question?
ChEAr$,
Harlan Lunsford, EA n LA
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
| 
Yahoo! 
Google 
Windows Live 
del.icio.us 
digg 
Netscape 
XML Sitemap