- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
One time gifts person to person and tax deduction (updated)
Posted on 6/10/16 at 6:28 pm
Posted on 6/10/16 at 6:28 pm
What is the maximum amount I can gift to someone without them paying taxes on the gift and still allow me to use the gift as a tax deduction?
Is that the same if gifting someone a material object like a vehicle?
Are the laws governing that state-specific or purely Federal
Is that the same if gifting someone a material object like a vehicle?
Are the laws governing that state-specific or purely Federal
This post was edited on 6/11/16 at 9:42 am
3
Posted on 6/10/16 at 6:47 pm to Bleeding purple
I think the current limit is 14,000 per person, so if you wanted to stretch it you could give 14k then your wife could give 14k to the same person and still be under the annual limit
However the gifting exclusion only prevents them from having to pay income tax, it does not allow you to deduct that amount from your tax liability, unless of course they are considered a charitable organization, or so is my understanding
Yes a material object follows same guidelines
This is for IRS only, not sure about state specific
However the gifting exclusion only prevents them from having to pay income tax, it does not allow you to deduct that amount from your tax liability, unless of course they are considered a charitable organization, or so is my understanding
Yes a material object follows same guidelines
This is for IRS only, not sure about state specific
This post was edited on 6/10/16 at 6:49 pm
Posted on 6/10/16 at 6:55 pm to Bleeding purple
You and your spouse can make a gift of 14,000 each to someone (28,000 total). Just make sure it is the only gift from you to them this year (could cause tax implications).
And no, you can't use it as a tax deduction.
And no, you can't use it as a tax deduction.
This post was edited on 6/10/16 at 6:56 pm
Posted on 6/10/16 at 8:40 pm to Bleeding purple
Like they said you don't get a deduction. I think the only reason it makes sense to do large gifts is if you are loaded and older...you have to withdraw your IRA's... but don't want to have huge estate tax when you die... Then start gifting family members yearly to liquidate some without govt stealing it from you
This post was edited on 6/10/16 at 8:41 pm
Page 1 of 1
Popular
Back to top
Follow TigerDroppings for LSU Football News