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Can I take a gift ($20,000) to family member off on my

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taxes? Can I take donation to...
Can I take a gift ($20,000) to family member off on my taxes?
Can I take donation to political campaign off?
Submitted: 2 years ago.Category: Tax
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2/23/2016
Tax Professional: Robin D., Senior Tax Advisor 4 replied 2 years ago
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 18,375
Experience: 15years with H & R Block. Divisional leader, Instructor
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Hello

Gifts to individuals (including family members) or political campaigns are not deductible. Gifts to any one person in the year over $14000 are reported on form 709. $14,000 is the annual limit yo can give one person so if you give more than that to one person you have to report the gift.

If you make a charitable gift to a recognized charity then you can show that amount on your Schedule A when you itemize.

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Tax Professional: Robin D., Senior Tax Advisor 4 replied 2 years ago

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