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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Finance
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Experience:  Licensed CPA, CFE, CMA 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
Submitted: 1 year ago.
Category: Finance
Expert:  Megan C replied 1 year ago.
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 JustAnswer.com 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.

Megan C, Certified Public Accountant (CPA)
Category: Finance
Satisfied Customers: 12456
Experience: Licensed CPA, CFE, CMA who teaches accounting courses at Master's Level
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Expert:  Megan C replied 1 year ago.
Thanks for allowing me the opportunity to help you. Please let me know if I can be of any further assistance to you in this matter. Also if you ever need anything else in the future please Simply enter "MyVirtualCPA" in the subject of your question Thanks again for being a JustAnswer customer
Expert:  Megan C replied 1 year ago.
Thank you for the positive rating. Please remember me the next time you have a question. Simply enter "MyVirtualCPA" in the subject of your question, and it will be routed directly to me. Thank you again for using JustAnswer

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