Is it possible to deduct from my Income money I gave this year to my own daughter as a gift?
2006-11-14 09:13:14 · 6 answers · asked by Michael P 1 in Business & Finance ➔ Taxes ➔ United States
No, you can't deduct it. But you won't have to pay a gift tax for giving it to her either - $10,000 is within the limit where no gift tax is due.
2006-11-14 18:12:22 · answer #1 · answered by Judy 7 · 0⤊ 1⤋
No you can not deduct the gift from your income.
2006-11-14 13:56:57 · answer #2 · answered by BHWMST 3 · 0⤊ 0⤋
I would highly doubt it since you still earned that money and used it for personal expenses. It's not a legal charity that you are giving it to. But I'll take $10,000 from you if you want to try.
2006-11-14 09:17:34 · answer #3 · answered by Gerber1626 2 · 0⤊ 0⤋
No, but the annual exclusion for 2006 is $12,000, so don't be cheap and hand over the extra $2,000 pronto.
2006-11-15 00:44:37 · answer #4 · answered by jinenglish68 5 · 0⤊ 0⤋
You can claim up to $12,000 gift tax exclusion per person you give a gift.
2006-11-14 10:18:02 · answer #5 · answered by TXBLKGRL 3 · 0⤊ 1⤋
No
Common question.......Common Answer
2006-11-14 09:51:20 · answer #6 · answered by Wayne Z 7 · 1⤊ 0⤋