Announcement

Collapse
No announcement yet.

Help me deduct this donation please

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

  • Help me deduct this donation please

    Hi Team WCI

    Back story - My wife volunteered for big brother-big sisters 12 years ago and was assigned a "little brother" at the time.  Over the next few years we became very close with the boy and his family. Sadly that little boy's mother and only care taker passed away from Lupus related problems approximately 6 years later.  The boy had no where to go so my wife's mother took him in with plans to adopt him.  The transition from inner city to suburban life was not the best fit, and after a few tough years it was mutually decided that the boy - now in high school - would move to live with another family.  We are still quite close and he has grown up to be a fine young man entering college this fall.

    My wife and I would like to help him pay for a car when he goes to college. Thankfully, as a product of child protective services and the foster care system his college is paid for.  He is a good kid and we would like to do something nice for him.

    Is there any way to deduct this as a charitable expense?  He is not our child and we do not claim him as a dependent in any way.

    Thanks for any advice.

  • #2
    What a wonderful story. I am glad you have remained close and a positive influence for him.

    As for a charitable donation, personal gifts cannot be deducted, and I am afraid that is what this actually is. Yes, you might be able to find a charitable organization that would pass it through with a wink, wink, nod, nod, but the law does not allow a donor to control the use of a charitable donation for this very reason.

    I'm sorry I don't have better news for you but I have a feeling it won't make a difference to you, anyway. God bless.
    Our passion is protecting clients and others from predatory and ignorant advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087

    Comment


    • #3
      Nope. No deduction allowed for this sort of thing. Sorry.
      Helping those who wear the white coat get a fair shake on Wall Street since 2011

      Comment


      • #4
        Figured as much.  Eases my mind to have the pros weigh in. Now I won't have to wonder if I am missing something. Thanks.

        Comment

        Working...
        X