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Friday, October 15, 2004

Tax Advice for J-Lo

JenniferlopezDavid_lettermanJennifer Lopez was a guest on David Letterman's Late Show Wednesday night. She confirmed news reports that her mother, Guadalupe Lopez, won a $2.4 million jackpot in August while playing the $1 slots at an Atlantic City casino. She stated on Letterman that her mother "gave the money away" (presumably to charity). The TaxProf Email Discussion Group immediately sprang into action, noting that the elder Ms. Lopez faces a tax problem: she may lose most of the current tax benefit from the gift because § 170(d)(1) caps the charitable deduction at 50% of the elder Ms. Lopez's AGI (with a 5-year carryover). So unless Jennifer shifts income to Guadalupe by the end of the year, J-Lo's mother likely will not be able to fully deduct the gift on her 2004 tax return.

http://taxprof.typepad.com/taxprof_blog/2004/10/tax_planning_fo.html

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