Is the gift money given to spouse and/or children tax deductible? If yes, up to what amount for the 'Married filing jointly' status?
2007-12-31 09:08:45 · 3 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ Other - Taxes
No.
Gifts to individuals (regardless of who they are) have never been deductible.
Only gifts to qualified charities are deductible.
2007-12-31 09:23:28 · answer #1 · answered by Wayne Z 7 · 0⤊ 0⤋
In fact if you give your child (or anyone other than your wife) a gift of more than $12000, *you* get to do a gift tax form. And if you give away more than 1Million in gifts, you get to pay tax.
2007-12-31 09:17:51 · answer #2 · answered by Anonymous · 1⤊ 0⤋
No, gifts are not taxable to the person receiving them and are not tax deductible by the giver.
2007-12-31 09:13:26 · answer #3 · answered by Judy 7 · 2⤊ 0⤋