Gift or not

Joe who is not real thorough in life, fails to file his 2005 tax return until 2010. Had he filed on time he would have received a refund. In the back of his mind, he knew that by not filing, he would lose his refund, but he was busy at work, the dog kept eating his W-2 form and he was depressed. When he finally got around to doing his taxes, he discovered that the refund he lost would have been $10,000. The question for today is this? Can he deduct the $10,000 when he prepares his 2007 return as a charitable gift, since he gave the money to the U.S. Government.

Leave a Reply