Over the weekend – after some serious wiggle action – my son lost his second tooth. The tooth fairy paid a visit and left him some money, causing me to wonder on Facebook about the tax consequences of the transaction (yes, this is how my mind works). You can see what readers and fans had to say by popping over to my Facebook page – and you can add your own thoughts (trust me, it’s fun and painless).
While speculating about ordinary income versus gift versus capital gains, one of my readers pointed out that selling body parts is technically illegal (it’s a federal crime, reported @JohnWilson on twitter). Donating body parts, however, is not illegal. In fact, it’s encouraged – and not just after death.
According to NPR, about a third of states offer tax incentives to people who donate a kidney, a portion of their liver or bone marrow for transplantation. Those states are Arkansas, Georgia, Idaho, Iowa, Louisiana, Maryland, Massachusetts, Minnesota, Mississippi, New Mexico, North Dakota, Ohio, Oklahoma, South Carolina, Utah, Virginia and Wisconsin.
Despite the tax incentives, there has been no increase in organ donation rates.
Which makes you wonder.
Read more
{Register to be an organ,eye and tissue donor. To learn how, www.donatelife.net or www.organdonor.gov}
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