Thanks for asking your question! I'm sorry to hear about your tax issue and I'm going to try my best to help you understand or resolve it.
It does not matter how you handle this - if you give it directly to your daughter or pay the daycare. It's still a gift
As this is under $14,000 then you will simply give the money to your daughter or the school (it doesn't matter) and that is it
There's nothing to do on your taxes
This is not deductible to you, and is not taxable to your daughter
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Why isn't it deductible for my taxes?
Gifts are not tax deductible
A friend's father used to give all of her siblings say $10,000 a year with I thought the understanding it was helping out wit his taxes???no???
No it did not...gifts are never tax deductible to the person giving the gift, and are never taxable to the recipient
Now, if he owned a business and paid them that as a salary that would be deductible but giving gifts doesn't help with taxes
ok. I guess it just helps in the long run on what is left in the estate at time of death.
Yes, but your estate is not taxable unless you have over $5.2 million in your estate
nope. Wish I did. Thank you.
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