Re: Donations for GAC and family
Originally Posted by RBA
Any IRS/Finanial Advisors? What's the best way to donate without GAC having an impact on his income tax too much? I realize the loss of his house and other personnel effects is probably a big deduction right there and that may off set many cash denotations. Are Wal-Mart gift cards considered income? Are my questions valid? Sorry if they seem like they are inappropiate.
I have a very good friend who is a tax auditor for the IRS. I asked your question.
Her response is short but answers the question: "The limit for cash gifts before any gift tax kicks in is $11,000 so your friend is okay. He may be able to claim a casualty loss on 2006 taxes if his insurance doesn't cover all of his loss."
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