How much can I claim on gifts given to our children for a deduction on our tax return?
Can I deduct gifts (money) that I have paid to my children? if so how much?
Gifts are neither taxable to the recipient nor deductible by the giver.
If you give a person over $12K in a year you would need to file a gift tax return. No tax would be owed, however, unless you have exceeded your $1M lifetime exclusion.
Reply:NOTHING.
And if you gave them more than $11,000 ($22,000 if you are married) you may end up owing a 50% gift tax.
Why would there be a deduction, in essence lowering your tax burden, because you choose to gift your children?
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment