That's incorrect. Here is important tax-related information surrounding this situation:
1) As long as anyone gives Paul a gift of less than $10,000, then they (the giver) does not have to file a "gift return". 2) Anyone that gives Paul a "gift" cannot take a tax deduction for the contribution because Paul (no offense =) isn't a formal charity like the Red Cross, etc. 3) Paul would NOT have to pay any tax on any monies he receives as a "gift" from any of us in the list. As far as we know, there is no limit to the amount of gifts he can receive and still not have to pay tax on it. It pays to be married to a tax accountant =) Mike W. Feargal Ledwidge wrote: > > Just dont forget that if money is paid directly to Paul - he > becomes liable > for tax on it. > > Feargal Message Posted at: http://www.groupstudy.com/form/read.php?f=7&i=29066&t=28901 -------------------------------------------------- FAQ, list archives, and subscription info: http://www.groupstudy.com/list/cisco.html Report misconduct and Nondisclosure violations to [EMAIL PROTECTED]
