My brother was out of work for most of this year and the rest of the family supported him and his wife and two kids through the year. We each probably gave him around $10K. Is there any way to deduct this on my taxes? All the checks were written directly to him.
2007-01-29 03:09:30 · 6 answers · asked by janetmojo 1 in Business & Finance ➔ Taxes ➔ United States
unless you gave him the money in compensation for work that he did for you, no you can not deduct monies given to an individual.
It is looked at as a gift, not taxable to him
not deductible to you.
2007-01-29 03:15:33 · answer #1 · answered by Anonymous · 0⤊ 1⤋
No, you can't deduct gifts. If you gave him more than the annual gift tax exclusion ($12,000 for 2006), you have to prepare a gift tax return, form 709.
2007-01-29 11:20:50 · answer #2 · answered by Take Responsibility 2 · 1⤊ 1⤋
There is a possibility that one of you might be able to claim him as a dependent, if his gross income for the year was under $3300. Look into something called a multiple support agreement, since no one of you paid over half of their support.
2007-01-29 16:37:47 · answer #3 · answered by Judy 7 · 0⤊ 1⤋
no its a gift, no deductions for gifts. Sorry it sucks, but thats how it works. You can file it as a gift, but it doesnt do anything for you.
2007-01-29 11:15:04 · answer #4 · answered by Anonymous · 0⤊ 1⤋
No.....gifts are not deductable.
2007-01-29 11:17:49 · answer #5 · answered by Wayne Z 7 · 0⤊ 1⤋
Yes, it's tax deductable.
2007-01-29 11:14:53 · answer #6 · answered by Ralphie 5 · 0⤊ 6⤋