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Sandi Hargrove, SkyHawks
Sandi Hargrove, SkyHawks, Master Tax Advisor, Enrolled Agent
Category: Tax
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Experience:  I am a Master Tax Advisor and Enrolled Agent. I have 40 years experience. Trucking specialist.
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Do I reduce my taxable income when giving cash gifts to my ...

Resolved Question:

Do I reduce my taxable income when giving cash gifts to my childern of $12,000 or less per year? I was given a house last year which I sold and I'm trying to reduce the tax consequences of the gain.
THANKS
Phil
Submitted: 9 years ago.
Category: Tax
Expert:  Sandi Hargrove, SkyHawks replied 9 years ago.

Gifts to qualified charities are the only gifts which would reduce your taxable income. Gifts to your family or other non charities will not.

Remember that inherited property is not considered a gift when it is received due to death of the owner. Be sure that you have computed your "cost basis" correctly to reduce the capital gain. You should not usually be paying tax on the sale price of the property.

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