What does the tax code say about this compassionate gift?
Dear Tax Guy, This year, I bought a portable oxygen concentrator for a friend with terminal cancer. It’s made a huge difference in her quality of life versus hauling short-lived cylinders around.
Nor can Michelle Jann, senior wealth advisor at Goelzer Investment Management in Indianapolis, Ind. “For it being considered charitable, it would have to go to a qualified charitable entity,” Jann said. The medical-expense deduction could have conceivably applied for the purchase of equipment like an oxygen concentrator, Jann said. But this is your friend. The medical expense deduction only applies for a taxpayer’s own costs, or that of a spouse or dependent.“There’s no tax benefit you can obtain, but you have the “psychic income” of making this moment just a little easier for your friend. ”He was back from World War II and in business school on the G.I. Bill.
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