What would you like to do?

Are gifts deductible under the US Internal Revenue Code?

already exists.

Would you like to merge this question into it?

already exists as an alternate of this question.

Would you like to make it the primary and merge this question into it?

exists and is an alternate of .

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
19 people found this useful
Thanks for the feedback!

What is Section 851-855 of US Internal Revenue Code of 1986?

  Here's their website ... look it up: http://www.irs.gov/   Ans   Generally, many issues around Regulated Investment Cos, Foreign Tax Credits and the Dividends

Is there a Section 125 in the Internal Revenue Code that says health care deductions cannot be stopped during a plan year?

Sec. 1.125-4 Permitted election changes   ----   (a) Election changes. A cafeteria plan may permit an employee to revoke an election during a period of coverage and to m

What is internal revenue code section 2040b?

It covers the interests of spouses excluded from a gross estate. It  states, in the case of any qualified joint interest, the value  included in the gross estate with respec

Can you deduct gifts?

You can deduct gifts to a legitimate recognized charity and you can  deduct gifts to a government agency. (You can even make tax  deductible gifts to reduce the federal defi

How long is the internal revenue code?

The federal tax code is rumored to be anywhere from 2500 pages to 2.5 million pages. The feds themselves list at about 17 thousand pages, however, that is in a tiny font. With

What internal revenue code does a tax deferred annuity fall under?

Hello, I recently purchased one and the money you invest is not tax deductible. It is not taxed if it grows in value or generates revenue, within the annuity. When you do star

What is relationship between United States Code and the Internal Revenue Code?

The United States Code is a collection of hundreds of thousands of pages of Federal regulations. The section of that massive set of books officially blamed on the IRS is calle

What revenue code is used with cpt code 93000?

Cpt code 93000 is used for an electrocardiogram, routine ECG with at least 12 leads; with interpretation and report. These electrodes are placed on a patient's chest to record
In Uncategorized

What is a good source of information on internal revenue code?

While one could visit their local library to learn all there is to know about internal revenue code, the internet is a much more convenient source of information. One powerhou
In Uncategorized

What does section 409A of the Internal Revenue Code refer to?

Section 409A of the Internal Revenue Code regulates the treatment, for federal income tax purposes, of non-qualified deferred compensation paid by a service recipient to a ser