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If I paid for my daughter wedding is this considered a gift…

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If I paid for my...
If I paid for my daughter wedding is this considered a gift and can I use this as a gift deduction on my tax's
Submitted: 6 years ago.Category: Tax
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3/1/2012
Tax Professional: Tax.appeal.168, Tax Accountant replied 6 years ago
Tax.appeal.168
Tax.appeal.168, Tax Accountant
Category: Tax
Satisfied Customers: 4,557
Experience: 3+ decades of varied tax industry exp. Tax Biz owner
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Hello, THANK YOU for choosing Just Answer. My goal is to help make your life...a little...LESS taxing.

I'm sorry, but non business gifts are not tax deductible, other than those gifts made to qualified charitable organizations. As gifts are not taxable to the receiver, they are not deductible by the donor. The annual gift exclusion amount is $13,000 per person (meaning that $13,000 can be given to any one person annually without creating a taxable event). What's the taxable event if the gift exceeds $13,000? The taxable event is that the donor will need to complete a Form 709 (Gift Tax Return), which is for informational purposes so that the IRS can apply the amount of the gift against the donor's estate. No, you won't have to pay tax either. Not unless the gift amount is more than $5,000,000, which is currently the lifetime gift exemption amount for U.S. citizens.

LINK TO FORM 709/Instructions:

http://www.irs.gov/pub/irs-pdf/f709.pdf
http://www.irs.gov/pub/irs-pdf/i709.pdf

Please let me know if I can assist you further with this matter.

Thank you.



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Customer reply replied 6 years ago
Ok I'm alittle confused! Are you saying that no, paying for the wedding can not be a tax deduction but if I I would have given her up to 13,000 in cash it could have been a deduction?
Tax Professional: Tax.appeal.168, Tax Accountant replied 6 years ago
Hello again,

Sorry for the confusion. Whether cash or otherwise, non business gifts, other than those made to qualified charity organizations are not tax deductible.
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Tax Professional: Tax.appeal.168, Tax Accountant replied 6 years ago
The following was taken from an IRS webpage relating to gifts.

http://www.irs.gov/businesses/small/article/0,,id=108139,00.html

-------------------------------------------------------
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). If you are not sure whether the gift tax or the estate tax applies to your situation, refer to Publication 950, Introduction to Estate and Gift Taxes.

Link to Pub 950:

http://www.irs.gov/pub/irs-pdf/p950.pdf
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