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Lev, Tax Advisor
Category: Tax
Satisfied Customers: 28081
Experience:  Taxes, Immigration, Labor Relations
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Can i deduct a gift of up to 14k to my parents or friend for

Customer Question

can i deduct a gift of up to 14k to my parents or friend for tax purposes?
Submitted: 6 months ago.
Category: Tax
Expert:  Lev replied 6 months ago.
Gifts to specific persons or gifts that benefits specific persons are NEVER deductible - regardless if the person is related to you or not and regardless if that person is in needs.Only gifts to qualified charitable organizations are deductible.
Expert:  Lev replied 6 months ago.
On the other hand - the gift is not taxable income for donees - but it is still not deductible for donors.If you are looking for deductible gifts - it must be made to the qualified charitable organizations - for instance - to church.Sorry if you expected differently.Let me know if you need any clarification this matter.