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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Finance
Satisfied Customers: 16547
Experience:  Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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I also heard that the giving of gifts to your family is tax

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I also heard that the giving of gifts to your family is tax deductible. I spent $3,000 dollars on my brothers wedding, and $300 to my brother in law so he could get a job. These were not loans. Are they tax deductible
Thank you for your question. Gifts to your family are not tax deductible. There's also no reporting requirement because these gifts are below the $14,000 exemption amount for each individual.

I'm sorry if this is not optimal. However, you cannot deduct gifts to family.

Thanks for using and have a great 2013.

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You should be aware that your question, as with most tax questions, can never really be answered completely...addressing all the permutations; that is because of the many assumptions that have to be made I have done my best to determine what I think you are asking and answering it in the most direct and understandable manner possible. If, however, after reviewing the questions, you have any uncertainties or further questions, please do not hesitate to ask.

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