Gifts on my personal taxes?
When I file my personal tax return how do gift work. Lets say I write my friends and family checks. Can I deduct them from my taxes? Do I get thy money back? How does it work?
- Anonymous8 years agoFavorite Answer
Gift to family or friends are not deductible - I am not sure where you got that idea
- JudyLv 78 years ago
NO you can't deduct them. A gift is not deductible. Nobody'd pay any tax if that were the case, would they - we'd just all write each other gift checks. Think about it.
If you give any one person over $13,000 in a year, you have to file a gift tax return in addition to your income tax, and might owe an ADDITIONAL tax.
- Cathi KLv 78 years ago
If it is less than 13k per person you do nothing. If it is more you file a gift tax return which can be separate from your own return. Gifts are not tax deductible. If you give enough over your lifetime they can be taxable to you.
- StephenWeinsteinLv 78 years ago
No, you can't deduct it. No, you don't get your money back.
If you give any one person over $13,000, then you also have to pay gift tax. If each person gets under $13,000, then there are no tax implications.
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- troLv 78 years ago
what money back? if you have no income to report(and gifts are not income) there is nothing to file a tax return for and there absolutely is nothing to refund(nothing was withheld)