| T.R | Title | User | Personal
Name | Date | Lines |
|---|
| 809.1 | it's taken when it's given | PCBUOA::GIUNTA | | Wed Dec 14 1994 08:17 | 6 |
| If the check is written on December 20 and given in time for it to be
deposited, then it is considered a gift this year. It doesn't matter
when the check is actually deposited. It's similar to you writing and
mailing a mortgage payment on December 31 -- you're allowed to take
that interest deduction in this year, though the bank may not show it
on your statement til next year.
|
| 809.2 | Its the postmark, not the check date | POBOX::CORSON | Higher, and a bit more to the right | Wed Dec 14 1994 16:44 | 5 |
|
-1 Absolutely positively correct. The IRS considers the date the
payment was mailed as the final arbitrator; otherwise....
the Greyhawk
|
| 809.3 | | POWDML::JOYCE | | Thu Dec 15 1994 16:19 | 10 |
| Re: Previous on Gifts
A recent tax letter I received indicated that the IRS in one case
took the position that the the gift is not received until the
check is deposited *and cleared*. I believe the Tax Court did
not agree with the IRS in the case cited. The recommendation of
the newsletter writers was that the check should be received and
deposited before the end of the year in order to count as a gift
in the current year.
|