For the last few years, we have given our grandkids cash for their birthdays and for Christmas. There are several reasons for this -
- They already have every electronic gadget imaginable.
- We can’t even try to keep up with teen-age fashion.
- It is the one gift that doesn’t disappoint - even if it is duplicated.
- Our grandson, Nash, actually asked for cash for his birthday several years ago.
Finally, a trip to the bank for crisp new bills is a lot easier that fighting the mobs at the mall.
Now, just in time to be too late to matter, MSN Money warns that Christmas gifts may be taxable.
Like anything else having to do with the IRS, the rules are vague, confusing and complicated. They are also easy to ignore, but if you’re worried, you can see the MSN article HERE.
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