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Posted by D. Stussy on June 10, 2006, 4:19 pm
Please log in for more thread options Harlan Lunsford wrote:
> Ira Smilovitz wrote:
>>> joeu2004@hotmail.com wrote:
>>>> When does a personal check count as a 2005 gift:
>>>> (a) when it is "given" (TBD) to the recipient; or
>>>> (b) when it is cashed by the recipient?
>>>>
>>>> I thought it was #A, subject to the definition of "given".
>>>> But the following web site says #B:
>>>> http://www.thebullandbear.com/articles/2005/1205-taxtips.html .
>>> Are we seeing the same thing even? Here is what I just
>>> read on that web page:
>>>
>>> "If you donate cash to a charitable organization, you can
>>> deduct your donation in 2005 as long as you mail your check
>>> by December 31."
>>>
>>> So you thought right.
>> Charitable contributions follow the date on the check. Gifts
>> to people follow the date the check is cashed.
> Not really. If I make out a check to the Salvation Army on
> December 31st, but don't deliver it (in person versus US
> Mail) to them until January 2nd, there's no way this can be
> a legitimate prior year's deduction.
If you deliver it, it doesn't have the advantage of the
timely mailing rule (which sometimes is extended to more
than just the filing of tax returns)....
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