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RD, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 8784
Experience:  CPA, MBA, Over 10 yrs of experience in tax planning and business consulting..
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I listed cash gifts [each within limits] as itemized deductions

Customer Question

I listed cash gifts [each within limits] as itemized deductions on my 2005 tax return. Now am being audited - where should I have listed these? Is there no tax benefit to me for these cash gifts?
Submitted: 8 years ago.
Category: Tax
Expert:  RD replied 8 years ago.

Gifts to recogized charitable organizations are tax deductible.

Gifts to family members and relatives are not tax deductible and should not be listed on itemized deductions.



Let me know if you have any question.


Please note: This advice is provided with the understanding that all the relevant facts have been provided by you. Any change in facts might affect the advice given and hence may not be relied on in such cases. Nothing contained in this reply was intended or written to be used, can be used by any taxpayer, or may be relied upon or used by any taxpayer for the purposes of avoiding penalties that may be imposed on the taxpayer under the Internal Revenue Code of 1986, as amended.

Customer: replied 8 years ago.
The audit from the IRS said exactly that, so I already know that now. Is there any tax benefit to me for a cash gift to a family member and if so, where on the tax return would I list these family cash gifts? [all within the limits set forth by the IRS]