Search results

Thank you for reminding me as to why I didnt good to law school!!! :) I understand your point, and its a good one, BUT.....at $15K or below, a gift return is not even required, and if the donor was audited about the payment, wouldnt any tax due be on the athlete, which the IRS is not likely...

Not sure this is accurate; individuals can gift $15K apiece taxfree to as many people as they want, even non family members. So if there was ever an audit/tax question, the main issue would be if a (709 ?) Gift Tax Form should have been filed.