If you give a gift of money to someone in need, can you write that off as a deduction, and how if so.
thanks
2007-05-24 07:07:29 · 11 answers · asked by stout 2 in Business & Finance ➔ Taxes ➔ United States
write it off as a gift
2007-05-24 07:09:16 · answer #1 · answered by Anonymous · 0⤊ 6⤋
If you donate to a particular person, or to a recognized charity but designate your contribution to go to a particular person or family, then no, it can't be deducted.
Contributions to approved charities that aren't designated for a particular person can usually be deducted if you itemize your deductions when you file your taxes - you take the deduction on schedule A, and file a form 1040. There are a number of rules for what can be deducted - you can download the schedule A instructions at irs.gov to get more info.
2007-05-24 07:16:49 · answer #2 · answered by Judy 7 · 2⤊ 0⤋
Only donations to registered charities are deductible.
A simple gift to someone may incur a tax liability for YOU since gifts are taxable to the donor. There's an annual exclusion amount of $12,000 per recipient, plus a lifetime exclusion of $1million so you won't likely have any tax to pay unless you are extremely generous.
2007-05-24 07:17:14 · answer #3 · answered by Bostonian In MO 7 · 1⤊ 1⤋
if they are a documented non-profit organization who qualifies as a charitable contribution, then yes, with a receipt. If you give Harry the Hobo a dollar on the street, that is not deductable (unless I missed something and Harry got his paperwork in to be declared a non-profit)
2007-05-24 07:10:48 · answer #4 · answered by Shredded Cottage Cheese 6 · 0⤊ 0⤋
No, a gift to an individual is not a valid deduction.
2007-05-24 07:10:21 · answer #5 · answered by Scotty Doesnt Know 7 · 1⤊ 0⤋
i think it depends on who you give it to for example giving to some charity is tax deductable but i dont think you can give money to your grandmother to get out of paying taxes cause everyone would be swapping mopney that way if u could
2007-05-24 07:11:52 · answer #6 · answered by snippi f 2 · 0⤊ 0⤋
No, no you can not, you can give it to a charitable organization and request them to be the recipient and write it off that way...
2007-05-24 07:10:45 · answer #7 · answered by Anonymous · 1⤊ 2⤋
Only if they are a certified charitable org.
2007-05-24 07:09:06 · answer #8 · answered by wizjp 7 · 0⤊ 1⤋
No. Not unless they are a legitimate charity.
2007-05-24 07:09:28 · answer #9 · answered by Moondog 7 · 2⤊ 1⤋
You can if you are a Business. Or if you do it through a Non-Profit organization and they give you a receipt. It has to be through or with an organization.
2007-05-24 07:10:41 · answer #10 · answered by Anonymous · 0⤊ 4⤋