Is the $70,000 taxable income or will it be treated as a gift? If it is not used for medical reasons, does it lose its gift status?More than 1,700 people have contributed more than $70,000 for Alexis Shapiro, of Cibolo, Texas, who weighs nearly 200 pounds and is gaining about 2 pounds a week because of a runaway condition called hypothalamic obesity.
Taxable Income for Alexis?
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Colonel_Buck
- Scalawag
- Posts: 58
- Joined: Sun Jan 22, 2006 3:13 pm
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Taxable Income for Alexis?
What kind of bomb was it? The exploding kind.
How can a blind man be a lookout? How can an idiot be a policeman?
But that's a priceless Steinway. Not any more.
How can a blind man be a lookout? How can an idiot be a policeman?
But that's a priceless Steinway. Not any more.
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Paul
Re: Taxable Income for Alexis?
The nature of use of a gift or the nature of the recipient can affect whether the gift is subject to gift tax or is deductible by the donor, but a gift is never taxable income, regardless of how it is used or who gave it.