2007-05-10 04:10:35 · 9 answers · asked by Chris M 1 in Business & Finance ➔ Taxes ➔ United States
It is not tax deductible, but it does fall under the $12,000 per year that you can give as a gift without filing a gift tax return.
2007-05-10 04:13:44 · answer #1 · answered by Kathryn 6 · 2⤊ 0⤋
There is no deduction for you and it is not taxable to him.
If this is "inheritence money" from you, it is considered a gift. Gifts of less than $12,000 are not taxable as they are below the exclusion amount. If you gave him more than $12,000 YOU might have to pay Gift Tax on the excess.
If this is inheritance money that you are custodian for until your child reaches a certain age, there are no tax consequences regardless of the amount you give him.
2007-05-10 17:05:01 · answer #2 · answered by Bostonian In MO 7 · 0⤊ 0⤋
It is not tax deductible. It's only tax deductible when you give to a charity. You son also does not have to pay taxes on it.
2007-05-10 11:20:23 · answer #3 · answered by Anonymous · 3⤊ 0⤋
You do not. You are simply avoiding the gift tax that you may have to pay later if you gave more than the legal limit at one time. Gifts are taxable (unless they are under the exempt amount), not deductible.
2007-05-10 11:16:19 · answer #4 · answered by Anonymous · 2⤊ 2⤋
No can do, its is not deductible. Sorry about that, but if you have the extra 10k, then by all means give it to your child. unless they are a looser.
2007-05-10 17:21:13 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Easy.....you don't!
Gifts are not deductible.
2007-05-10 11:44:37 · answer #6 · answered by Wayne Z 7 · 2⤊ 0⤋
You don't and can't deduct it on your taxes. Welcome to the world.
2007-05-10 11:18:36 · answer #7 · answered by acmeraven 7 · 1⤊ 1⤋
i dont know about 10k. they might need to pay inheritance taxes. get a lawyer on this or financial advisor like an accountant on this.
2007-05-10 11:16:17 · answer #8 · answered by Anonymous · 0⤊ 7⤋
You can't, you're gifting it, not donating it.
2007-05-10 11:18:02 · answer #9 · answered by John L 5 · 2⤊ 0⤋