US Tax Question
US Tax Question
Out of context: Reply #6
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- heavyt0
i think the point is, if he writes it off, he doesnt pay taxes on the value of it and you do. Either way, someone is paying the tax on it.
if he doesnt mind not writing it off, better for you.
Otherwise, you can just give him cash to cover the taxes and not file anything. If you want to be real official, he can write off the retail value of it, and you have to claim it as 1099 income.