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USTaxAdvising
USTaxAdvising, CPA
Category: Tax
Satisfied Customers: 1237
Experience:  US Taxation specialist.
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What tax year did I give a gift for tax purposes? In the tax

This answer was rated:

What tax year did I give a gift for tax purposes? In the tax year I issued my check or in the year my check cleared the bank account?

USTaxAdvising :

Hello,

USTaxAdvising :

The gift would be considered given in the year the check was provided to the recipient.

Customer:

Thank you for your response, can you refer me to specific tax regulation

USTaxAdvising :

Let me know if you have any further questions.

USTaxAdvising :

Sure hang on.

Customer:

Are you still there?

USTaxAdvising :

yes

USTaxAdvising :

http://www.irs.gov/uac/Eight-Tips-for-Deducting-Charitable-Contributions - see #6. Note that this is for charitable contributions but the same theory applies to gifts and other deductions.

USTaxAdvising :

It is the date of payment, not the date in which your payment clears the bank. I am looking for better support. Bear with me a few moments longer.

USTaxAdvising :

Here is another resource http://www.case.org/Documents/Books/28239/IRSRulesandRegulations.pdf


 


see the bottom of page 9 on the pdf. I am still hunting for the specific IRS regulation. Let me know if this material will suffice and I will stop hunting...

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