(as in the movie Shawshank Redemption) Is it still? Was it ever?
2007-10-16 15:31:22 · 8 answers · asked by bottabing 1 in Business & Finance ➔ Taxes ➔ United States
Gifts to spouses are not valid deductions from anything except your bank account.
2007-10-16 15:35:15 · answer #1 · answered by Anonymous · 4⤊ 0⤋
No. It is not an income tax deduction. Nor is it included in the spouse's tax return, assuming the spouse files a separate return. At one time, a gift to a spouse was subject to the gift tax, but now gifts to a spouse can be transferred in any amount free of the gift tax.
If you give anybody other than your spouse a gift that exceeds $12,000.00 in any year is must be reported as a gift and if you have exceeded your lifetime gift tax exclusion it would be taxed.
2007-10-16 15:53:17 · answer #2 · answered by oldsandroad 2 · 0⤊ 0⤋
There is no such deduction and as far as I can tell there never was.
The rule on gifts to a spouse is that you can give unlimited gifts to your spouse without having to pay any Gift Tax or file a Gift Tax return.
2007-10-16 23:17:33 · answer #3 · answered by Bostonian In MO 7 · 1⤊ 0⤋
Deduction? No, you don't get a deduction for giving a gift, whether the person is a spouse or someone else.
2007-10-16 17:05:14 · answer #4 · answered by Judy 7 · 1⤊ 0⤋
Gifts to anyone except a valid charity are not a tax deduction.
2007-10-16 15:36:07 · answer #5 · answered by Wayne Z 7 · 0⤊ 0⤋
i might have not have been given any situation in any respect with that as long as capital beneficial properties isn't given particular treatment.... earnings is earnings in spite of its source. the genuine situation with that's the politicians and wealthy backers won't choose this. yet one element you look to have neglected... if there is an exception it won't be a flat tax anymore ... its a innovative tax.
2017-01-03 19:00:30 · answer #6 · answered by strassberg 3 · 0⤊ 0⤋
If I were to win $50,000 could I then gift it to my wife to avoid paying taxes on it?
2016-06-08 07:34:43 · answer #7 · answered by Jason 1 · 0⤊ 0⤋
this wasnt business or medical related so I doubt it
2007-10-16 15:35:25 · answer #8 · answered by Anonymous · 0⤊ 0⤋