what if i claim a gift on my taxes and don't give it?

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  • Judy
    Lv 7
    1 month ago

    You don't get a deduction anyway for a gift, so there's nothing to claim.

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  • 1 month ago

    If you're caught in an audit you'll be charged with tax evasion.

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  • 1 month ago

    They you have claimed a deduction you are not entitled to.

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  • 1 month ago

    Claiming a gift makes you potentially pay MORE taxes, so.... nothing, as that would be a stupid thing to do.

    If you mean a donation, you would have to itemize to deduct and you'd of course need proof of the donation.

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  • Brian
    Lv 7
    1 month ago

    Are you even able to itemize?

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  • 1 month ago

    You'll have everybody ready to skin you after that.

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  • 1 month ago

    If you're part of the roughly 87% of Americans who claim the standard deduction then entering a fake charitable donation won't help you.

    If you're part of the roughly 13% who itemize, and you claim a fake charitable donation you might get away with it, or you might get audited and caught and face stiff financial penalties. If the amount of money involved is extremely large you could be charged with criminal tax fraud but that would be a rare & extreme case.

    If you really meant filing a gift return, then why would the IRS care if you reduce your lifetime exemption and result in potentially paying more tax in your lifetime if your gifts and eventual estate exceed the lifetime exemption amount?

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  • 1 month ago

    "Gifts" to individuals are not deductible either way.

    "Charitable Contributions" are deductible if you itemize.

    If you claim to give a Charitable Contribution but do not give it, there is always a chance that the IRS will ask for substantiation of the contribution.  It all depends upon your income and the size of the deduction.

    A big enough fib would be fraud and, in addition to prison time, there is no Statute of Limitations on fraud.  So, for the rest of your life, every time you go to the mailbox, every time you answer your phone and, every time you answer the door, you get to wonder "Is this the time?........"

    Lastly, the new tax law, pretty much, eliminated the tax benefits for charitable donations for about 93% of people so, your "deduction" make not make any difference anyway.

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  • Anonymous
    1 month ago

    What do you mean "claim a gift"?

    Making a gift to another person doesn't affect your tax, although you're supposed to file a gift tax return if it's over the annual threshold ($15,000).     The lifetime exclusion is $11 million so unless you're making a very big gift, it's a non-issue.

    Are you referring to deducting a charitable contribution that you didn't actually make?

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  • Eva
    Lv 7
    1 month ago

    You don't claim gifts on your taxes. You can deduct charitable contributions if you have enough deductions to be more than the standard. You must have proof of all contributions to show the IRS in the event of an audit.

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