0
No, but within certain limits you DON'T PAY gift tax.
Wiki User
∙ 15y ago
Add your answer:
Earn +20 pts
If you are paying for your nephew's college tuition can you deduct these expenses from your income tax?
Clearly not, lets rephrase the question. "can i deduct my gym membership fees from my income tax" or maybe "can i deduct any money i spend on holidays from my income tax" Income, its a clue!!! its got the word IN in it! Outgoings are not deducted from income tax. There may be a declaration area on the form you can fill out to state this
Can I Deduct wages earned but not paid?
ONLY if they were included as income on a paycheck somehow. YOU CAN NOT DEDUCT MONEY YOU DIDN'T MAKE. There is a lot of money you didn't make. The money is NOT taxable, not tax deductible. (If you paid tax on it and didn't receive it, then you could deduct it...basically because you overpaid, not because you under-earned!
How do you lower IRS taxes by giving money away?
If you give your money away to a recognized charity, you can deduct the contribution on your income taxes.
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 deficit.)You cannot deduct gifts to a friend, family member, stranger you meet on the street, etc. Basically, if it's going to a specific person rather than a recognized and tax-exempt charity, it's not deductable (not only that, you might even owe additionaltaxes on the money you gave away, if you gave any one person more than $13,000).However you may be able to get a deduction for housing a victim of certain designated disasters in your home.Also, corporations are allowed to deduct the cost of gifts (up to $25 per recipient per year) given to clients.
Can you deduct roth IRA contributions?
No, you can not deduct Roth IRA contributions. You pay regular income tax on the money you contribute to a Roth IRA. The tax advantage is that the taxes have already been paid with it is time to withdraw the money. Additionally, you pay no income tax on the increase in account value from interest, dividends, etc.
Can you deduct from your taxes money given to elderly parents to help supplement their lack of income and or pay their medical bills?
No deduction on your income tax return for the gifts to your parents.
Can you deduct the amount of money you pay for child support from your earned income?
not for tax purposes
If you are paying for your nephew's college tuition can you deduct these expenses from your income tax?
Clearly not, lets rephrase the question. "can i deduct my gym membership fees from my income tax" or maybe "can i deduct any money i spend on holidays from my income tax" Income, its a clue!!! its got the word IN in it! Outgoings are not deducted from income tax. There may be a declaration area on the form you can fill out to state this
Can I Deduct wages earned but not paid?
ONLY if they were included as income on a paycheck somehow. YOU CAN NOT DEDUCT MONEY YOU DIDN'T MAKE. There is a lot of money you didn't make. The money is NOT taxable, not tax deductible. (If you paid tax on it and didn't receive it, then you could deduct it...basically because you overpaid, not because you under-earned!
How do you lower IRS taxes by giving money away?
If you give your money away to a recognized charity, you can deduct the contribution on your income taxes.
Is national daughters day or week celebrated in US?
Unfortunately, no. Children are not celebrated in the united states. Mothers and fathers are, the children are expected to purchase gifts for parents. I have found that birthday money given is spent on others, the child must buy gifts even when they have no income.
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 deficit.)You cannot deduct gifts to a friend, family member, stranger you meet on the street, etc. Basically, if it's going to a specific person rather than a recognized and tax-exempt charity, it's not deductable (not only that, you might even owe additionaltaxes on the money you gave away, if you gave any one person more than $13,000).However you may be able to get a deduction for housing a victim of certain designated disasters in your home.Also, corporations are allowed to deduct the cost of gifts (up to $25 per recipient per year) given to clients.
Can you deduct roth IRA contributions?
No, you can not deduct Roth IRA contributions. You pay regular income tax on the money you contribute to a Roth IRA. The tax advantage is that the taxes have already been paid with it is time to withdraw the money. Additionally, you pay no income tax on the increase in account value from interest, dividends, etc.
Can you deduct money given to your child as a gift on your Federal taxes?
yes i would deduct money to my child.
Can you deduct BAH on taxes?
If by BAH you mean Basic Allowance for Housing. The answer is no. This is nontaxable income the military gives you to pay for housing. This money should never even get factored into your adjusted gross income though.
If your rental property is losing money can you deduct the loss against income?
Yes, rental income should be reported on Schedule E and the net profit or loss is transferred to Form 1040 and can offset income. Be careful of passive loss limitation rules though.
Why would someone want to be engaged with no plans of marriage?
Money Money Money, Gifts Gifts Gifts...
