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  #33  
Old July 26th 05, 01:49 AM
Jose
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2: My father thinks I should be instrument rated, and offers to pay for
flying lessons and flying time so that I can get my rating. Nixed by
the FAA.


He could gift you up to $11,500 (I think that's the current gift
exemption) per year. Then you pay the school.


That is a tax rule, and has nothing to do with the FAA. For that
matter, my neighbor could gift me $11,500 and pay the tax. Then I pay
the other tax and pay the school.

Does it then matter whether I get my instrument rating on this money, or
just fly my neighbor around for free?

Jose
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