if yes, any up limit? any gross income limitation?
2007-03-05 07:59:17 · 5 answers · asked by tax2006 1 in Business & Finance ➔ Taxes ➔ United States
You can't deduct a gift you give to anyone, no matter where they are. So no, you can't.
2007-03-05 10:22:31 · answer #1 · answered by Judy 7 · 0⤊ 0⤋
permit me attempt to respond to your question from 3 components. a million. merely presents to qualified charitable companies qualify as charitable deduction on your schedule A, Itemized Deductions. Your economic presents on your mom and dad are own in nature, subsequently they do no longer qualify as your charitable deduction. 2. Your mom and dad,as payees, do no longer ought to contain your economic presents to them of their gross earnings. on the different hand, the payer has to pay present tax if your presents exceed $12,000 in a year. 3. Your help on your mom and dad could qualify you to declare them as your dependents provided you fulfill different standards. thus, your are entitled to $6,six hundred (2006) exemption deduction and you will be able to document as Head of enjoyed ones, that's greater constructive than submitting as single. i'm hoping this solutions your question.
2016-12-14 11:32:13 · answer #2 · answered by ? 4 · 0⤊ 0⤋
So sorry, no deductions for gifts. (Unless of course they're a recognized charity)
2007-03-05 08:02:53 · answer #3 · answered by fastfrank7 5 · 1⤊ 0⤋
No, you can't deduct gifts
2007-03-05 09:21:45 · answer #4 · answered by growing inside 5 · 0⤊ 0⤋
you can NOT deduct money gift. if the money gift is over 12000 per person per year, it is taxable
2007-03-05 12:25:44 · answer #5 · answered by clugolf 1 · 0⤊ 0⤋