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No. Only donations to qualified charities are deductible, within limits. The threshold your addressing is that certain gifts to family and such, below 13K per person (in 2009, 12k per person in 2008), aren't TAXABLE (under gift tax laws) to the giver.

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16y ago

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If you give a gift of 12000 for tuition to a nondependent can you take the 12000 off of your gross income BEFORE you calculate your income taxes?

No...not deductible..if a dependent or not. It's a gift....as such, much morte than that and YOU could owe gift tax.


Are gift cards tax deductible for a business?

No, gift cards are not tax deductible for a business.


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Who is responsible for paying gift tax, the giver or the receiver?

The giver is responsible for paying gift tax, not the receiver.


Is there a gift tax from father to daughters?

Yes, if the gift exceeds the gift-giver's annual exemption of $15,000 per recipient, the gift giver must pay the gift tax.


Does an adult daughter have to pay tax on a 12000 gift from her parent?

If it is a gift from you to her, and YOU paid for it, if a tax is applied, you will pay it.


Does the receiver of a gift have to pay tax on it?

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Does recipient of gift owe federal tax on gift?

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If you were gifted 12000 and sold stock in 2007 and then opened an IRA and a money market account with it what kind of taxes do you have to pay?

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