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Are gifts deductible under the US Internal Revenue Code?
Under the existing Internal Revenue Code guidelines, rules and regulations gifts made to anyone, including relatives and friends are not deductible. However, the grantor (giver of the gift) might have to pay a gift tax if the gift exceed a certain amount (12,000.00) per individual per year. Gifts are generally not deductible to the grantor, nor are they taxable (reported as part of income) to the recepient or beneficiary. Gifts in general are irrevocable (cannot be taken back by the grantor). Respectfully submitted by: CHR Florida Certified Public Accountant April 1, 2007
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Assuming you record sales as you go, it will be a liability until you can return goods, service, or cash. I record a sale of a gift certificate (for an unknown person)… as a credit on account named "gift certificate"; when someone makes a purchase with a gift certificate, it is noted on the sales order along with whatever other payment method is used, so the account card is debited by the gift certificate amount (or portion thereof). If a gift card is never used, it remains a credit until the accountant determines its end of life and deals with it at a year-end.
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Depreciation deduction submitted by Gigi Calix
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To collect the money, in taxes, that is needed to run the government and provide services.
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In US Civil War
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