No, your entirely backwards....if done properly it is neither taxable to them or gift taxable to you. No gifts - and especially no support of family - are tax deductible, (unless charitable donatiosn to QULIFIED charities).
Gifts under $14,000 are not taxable to the recipient and there is no tax deduction for the giver. Gifts are the annual $14,000 threshold may incur a gift tax up to 40% for the taxpayer that gave the gift.
No
On settlement statement from HUD there is a settlement charge. Is this entire charge a tax deduction?
There is no Roth IRA tax deduction, but this does not mean that the Roth IRA does not have tax implications. More information can be found by asking an accountant.
A deduction taken out of payroll for something, reducing the income tax is applied to. Hence you get to pay that item with "pre tax" money...which is cheaper than after tax money.
A car, gifted to a nonprofit organization can be used as a tax deduction. A car gifted to an individual cannot be used as a tax deduction.
Gifts under $14,000 are not taxable to the recipient and there is no tax deduction for the giver. Gifts are the annual $14,000 threshold may incur a gift tax up to 40% for the taxpayer that gave the gift.
No, a rainbow vacuum is not a medical tax deduction.
No, if anything you would OWE a gift tax. ONLY contributions to qualified and certified charities are ever deductible. Cars even have special requirements to receive a deduction that only some qualifed charities are able to comply with.
A charitable gift annuity involves a contract between a donor and charity. The donor gives property or cash in exchange for a tax deduction, When the donor dies the charity keeps the gift.
Java code for tax deduction in database connection?
No
Pets are not tax deductions.
No deduction on your income tax return for gifts to anyone.
Yes, you may receive up to $500 tax deduction if you donate your truck.
On settlement statement from HUD there is a settlement charge. Is this entire charge a tax deduction?
Yes, and just about anybody else. Interesting questions arise if your grandchild is not yet born (or even conceived) when you die leaving a gift to that grandchild.