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Richard
Richard, Tax Attorney
Category: Tax
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Experience:  29 years of experience as a tax, real estate, and business attorney.
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Can we deduct gifts of food and cash we give to our adult,

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Can we deduct gifts of food and cash we give to our adult, non dependent children?
Hi! My name is XXXXX XXXXX I look forward to helping you!

Unfortunately, per the IRS (http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Frequently-Asked-Questions-on-Gift-Taxes#4):

"May I deduct gifts on my income tax return?

Making a gift or leaving your estate to your heirs does not ordinarily affect your federal income tax. You cannot deduct the value of gifts you make (other than gifts that are deductible charitable contributions)."


This is the part of my job I don't like...when the law is not in favor of my customer. I wish I could tell you these gifts were deductible, but, I can only provide you information based on the law so that you can act on the best available information to you. ………..I wish I had better news, but can only hope you recognize and understand my predicament and don't shoot the messenger. I'm sorry!



Thank you so much for allowing me to help you with your questions. I have done my best to provide information which fully addresses your question. If have any follow up questions, please ask! If I have fully answered your question(s) to your satisfaction, I would appreciate you rating my service as OK, Good or Excellent (hopefully Good or Excellent). I thank you in advance for taking the time to provide me a positive rating!


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Thank you so much for the positive rating! I truly appreciate you taking the time to do that! Have a great day!

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