Can you take a tax deduction for a monetary or property gift to a child?
2007-03-09 02:52:04 · 3 answers · asked by John W 3 in Business & Finance ➔ Taxes ➔ United States
No. And unless the gift is for post secondary education tuition, you may have to pay a Gift Tax on it if it exceeds your annual exclusion amount.
2007-03-09 02:56:43 · answer #1 · answered by Bostonian In MO 7 · 5⤊ 0⤋
As far a for federal tax purposes you can not take a deduction for giving a gift and if the amount exceeds $12,000 than you may even owe gift taxes. Gifts given for educational purposes have a different limit.
If the money is used to open a state sponsored educational account, some states will allow a tax deduction for that contribution.
2007-03-09 11:15:16 · answer #2 · answered by jks_mi 3 · 1⤊ 2⤋
No, you can't take a deduction for a gift to ANY individual. A charitable donation is only deductible if it's to a qualified organization, and even then, if you specify that it's to go from them to a particular person, then it's not deductible.
2007-03-09 22:09:46 · answer #3 · answered by Judy 7 · 1⤊ 0⤋