Is that really true that super rich people give their money away so they can claim it on their taxes as charity? If so sign me up!!!
2006-10-06 08:19:46 · 4 answers · asked by April J 2 in Business & Finance ➔ Taxes ➔ United States
The only way that will work is if you are a legit charity. Otherwise, the super-rich people don't get to write it off, and you have to claim it as a gift (taxable). Good idea, though.
2006-10-06 08:27:07 · answer #1 · answered by morlock825 4 · 0⤊ 3⤋
Only gifts to organizations qualified under section 501(c)(3) are deductible. Gifts to individuals can result in a gift tax liability for the giver.
2006-10-06 19:03:14 · answer #2 · answered by STEVEN F 7 · 1⤊ 0⤋
Gifts aren't taxable income to the recipient, but they aren't deductible by the donor either. Of course, there are ways you could earn that money . . .
2006-10-06 16:13:21 · answer #3 · answered by jinenglish68 5 · 0⤊ 0⤋
I will send you all you Can use. Where do I send it?
2006-10-06 15:30:31 · answer #4 · answered by Anonymous · 0⤊ 0⤋