How to handle chidlren's Christmas gifts

[JEM]

LLC it was a partnership but was changed to single at the first of the year. That is what I was worried about but figured I might be able to sign and date it. I'm still trying to figure out my exemptions and a little worried about that part of it too. Does the trustee do a walk through in your house or how do they evaluate your belongings. One other question is if I am filing my self and not my wife and of course not my kids is on personal items in the house how does one determine what would be in play.
I am glad I found this forum

Regarding the OP's question when it comes to your kids' belongings....we would obviously list things like video games-toys etc...at garage sale value. What about if your kids get gift cards for Christmas or cash? My kids don't generally get anything over $50 in cash or GC, but they don't always spend it right away--do you have to list THEIR cash that they get for gifts?

[AngelinaCat]

Regarding the OP's question when it comes to your kids' belongings....we would obviously list things like video games-toys etc...at garage sale value. What about if your kids get gift cards for Christmas or cash? My kids don't generally get anything over $50 in cash or GC, but they don't always spend it right away--do you have to list THEIR cash that they get for gifts?

I am not sure about that. 'Hub and I didn't have minor children to contend with when we filed. I do know that there have been issues with large-ticket items belonging to children, i.e. a pony and riding lessons intended for a 10 year old comes to mind. That controversy was more than a year ago, and the answer there was these had to be counted.

Christmas gifts and cash gift amounting to $50.00 or less, I would think are okay.

Other members with children, please chime in. How did you handle the Christmas gifts?

[AngelinaCat]

Hi JEM: After reading and responding to your post, and then re-reading the entire thread, I decided to move your question and my response into a new thread of their own. That way you should get better responses that will answer your question better than I can at this point.

Good luck!

[JEM]

Hi JEM: After reading and responding to your post, and then re-reading the entire thread, I decided to move your question and my response into a new thread of their own. That way you should get better responses that will answer your question better than I can at this point.

Good luck!

Thank you!

I didn't mean to hijack the OP's thread....his question about how to account for things that belong to his kids made me curious about GC's and cash now that Christmas was nearing.

Maybe it's best I just have my kids use up their cash and GC's before we file.

Like I said, it won't be a huge wad, but they usually get a Target GC from my dad each year and a check from my mom since they are mailed from out of state.

[AngelinaCat]

Hi JEM: not a problem, and no, you didn't really hijack the thread because your question is actually related. But since it is different enough, it needs it's own thread.

When I first joined, I asked my question on a similar thread, just as you did. A friendly moderator moved my post, just as I did yours.

As for the Christmas gifts, why not let the other members give their opinions/experiences and go from there?

Good luck and Happy Thanksgiving to you!

[JEM]

*bump*