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we want to give our children some money (possibly &5,000).

Customer Question
can we take that off...
we want to give our children some money (possibly &5,000). can we take that off our income tax at the end of the year?
Submitted: 6 years ago.Category: Tax
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6/2/2011
Tax Professional: Richard, Tax Attorney replied 6 years ago
Richard
Richard, Tax Attorney
Category: Tax
Satisfied Customers: 55,790
Experience: 29 years of experience as a tax, real estate, and business attorney.
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Good afternoon. These gifts would be just that.....gifts..they would be gift-tax free under the $13,000 annual gift exclusion. But, they are not tax deductible on your income tax return.

 

 

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The information given here is not legal advice. As all states have different intricacies in their laws, the information given is general only. This communication does not establish an attorney-client relationship with you. I hope this answer has been helpful to you.

 

Richard
Richard, Tax Attorney
Category: Tax
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