Hello, THANK YOU for choosing Just Answer. My goal is to help make your life...a little...LESS taxing.
I'm sorry, but non business gifts are not tax deductible, other than those gifts made to qualified charitable organizations. As gifts are not taxable to the receiver, they are not deductible by the donor. The annual gift exclusion amount is $13,000 per person (meaning that $13,000 can be given to any one person annually without creating a taxable event). What's the taxable event if the gift exceeds $13,000? The taxable event is that the donor will need to complete a Form 709 (Gift Tax
Return), which is for informational purposes so that the IRS can apply the amount of the gift against the donor's estate. No, you won't have to pay tax either. Not unless the gift amount is more than $5,000,000, which is currently the lifetime gift exemption amount for U.S. citizens.
LINK TO FORM 709/Instructions:
Please let me know if I can assist you further with this matter.