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No. In fact there may be a tax - the gift tax - that needs to be paid by the one giving it...although if done properly it can normally be easily avoided.
However, in the case of property whose value at the time the gift is given exceeds the donor's basis, a portion of the gift tax paid can be used to increase the basis of the property in the recipient's hands. I won't go into the rules for calculating the how much of the gift tax is added to the basis, it's rather complicated. But increasing the basis does have the effect of decreasing the amount of taxable income the one you give it to will have when they sell the property.
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∙ 15y ago
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Is a gift to grandchild a tax deduction?
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).
If you give a scholarship to a student can you deduct from 2008 taxes what they should have paid?
Unless your a business or a charity, your gift is not tax deductible.
What can you tell me about a Roth IRA tax deductible?
The benefit to a ROTH IRA tax deductible is that it is TAX DEDUCTIBLE. But that does not mean that there are no implications, so you still have to be thorough.
Is tax preparation tax deductible?
Yes. Tax Preparation does lies under business investment thus, is tax deductible.
Is Gas sales tax deductible?
Gas tax is an excise tax not a sales tax. It is therefore not deductible for federal income tax purposes.
Is a 12000 gift tax deductible to the giver?
No, gifts are generally not tax-deductible for the giver. The recipient of the gift is not typically taxed on the gift amount either. However, if the gift exceeds the annual gift tax exclusion amount (which is $15,000 per recipient in 2022), the giver may need to file a gift tax return and potentially pay gift tax.
Is a gift to grandchild a tax deduction?
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).
If you give a scholarship to a student can you deduct from 2008 taxes what they should have paid?
Unless your a business or a charity, your gift is not tax deductible.
What can you tell me about a Roth IRA tax deductible?
The benefit to a ROTH IRA tax deductible is that it is TAX DEDUCTIBLE. But that does not mean that there are no implications, so you still have to be thorough.
Is tax preparation tax deductible?
Yes. Tax Preparation does lies under business investment thus, is tax deductible.
Is Gas sales tax deductible?
Gas tax is an excise tax not a sales tax. It is therefore not deductible for federal income tax purposes.
Is pet insurance tax deductible in Arizona?
Not deductible on your federal income tax return.
Is depreciation tax deductible?
Not, depreciation is not deductible for tax purpose. Because it is not wholly exclusively in production
Where can I make a tax deductible car donation?
You can make a tax deductible car donation at donateacar.com
What kind of insurance is tax deductible?
Insurance for one's personal property such as auto or homeowner's insurance is tax deductible. Other tax deductible insurances are medical and dental insurances.
Is gas tax deductible on income tax?
no
Are the costs of tax preparation tax deductible?
No, they are not.
