Tax Deductible Christmas Gifts
© Reginald Vickers
Dear Reginald,
First let me say thank you for your help. I was able to do all my shopping on the
Internet in one evening. Many of my gifts came from suggestions made by Perfect Present Picker. That saved me
a lot of time, hassle, and frustration. My two children were dreaming of getting "Furby
Dolls." Here in British Columbia, they were no where to be found. Yet I was able to use
eBay to track a couple down. Now I
just need to buy a pair of earplugs. I believe that Furby's are a communist plot to take
over the world by driving parents insane. But that is not the only problem with the
Furbys. Even though I was able to find them, the price was a little over their retail. They
cost $327 each (plus shipping). So my question is: Because these dolls retailed at $50
each, can I write off the $277 difference as a loss from my taxes? Since we are on the tax
subject, and we are at the end of the year, can I deduct any or all my children's gifts from
my taxes?
Dear Empty Pockets,
My forte is shopping, not taxes. Each year, everyone talks about all the money
they get back on their returns. They use the money to go on cruises, pay off debts, or
purchase airplanes. But I seem to have to just keep on paying. Therefore, I am the last
person to ask about taxes. And since I know we have readers from all over the world, if I
don't know much about taxes in the US, I'm sure not going to be any good for anyone in
British Columbia. But if you are a Yank, you can get your answers at IRS. If you reside in the UK, UK Home Business and I believe he has some links you might find useful. Then
for Stuart and the rest of my Canadian friends, you can check with your friendly Revenue
service at Revenue Canada.
Well, that's my article, short and sweet. I hope you liked it. Next week we will be looking at Computer Buying on the Net.
Rats! I'm still 300 words short of having my article finished. Maybe you're not satisfied with the information I gave you and you're still hoping for more. I tell ya what. Maybe I can help you. I don't know if this is for everyone but if you are looking to do some last
