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 .

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
Thanks for the feedback!

How does a company record revenue for accounting purposes if a gift card is never used?

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)

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

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

Is Term Life Insurance deductible under Section 105 of the IRS code?

  See this link   http://www.irs.gov/taxtopics/tc502.html   Toward the bottom of the page you will find: Medical expenses include insurance premiums paid for accid

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

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