Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 09-09-2008, 08:24 AM
Junior Member
 
Join Date: Jan 2007
Posts: 19
Are there any items that be excluded from being considered as gifts?

I would appreciate it if you could please tell me if there any items that be excluded from being considered as gifts?

Thanks..



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #2 (permalink)  
Old 09-09-2008, 08:56 AM
TaxGuru's Avatar
Tax Guru
 
Join Date: Jan 2007
Location: New Jersey, USA
Posts: 2,417
Blog Entries: 3
Are there any items that be excluded from being considered as gifts?

Despite the IRS "Gift Tax" general rule that state "that any gift is a taxable gift, there are many exceptions to this rule." The IRS has specifically stated the following gifts are not considered taxable gifts as shown below.

1. Gifts that are not more than the annual exclusion for the calendar year.

2. Tuition or medical expenses you pay for someone.

3. Gifts to your spouse.

4. Gifts to a political organization for its use.

Furthermore, the IRS has stated that "gifts to qualifying charities are deductible from the value of the gift(s) made."

__________________
Find a CPA near you!

Ask TaxGuru Please refer to the legal disclaimer.


Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply



Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
If the Ownership/Use Test are not met, can the gain on sale of home be excluded? Redden Capital Gains 0 03-24-2008 06:25 PM
What are the Annual Exclusion for Gifts in 2007? TaxGuru Estate Planning 0 02-16-2008 12:06 AM
Can I deduct the amount given to our Kids free tax gifts. daveb Income 2 12-03-2007 08:09 PM
What is the maximum amount of Gifts that I can give annually to my kids free of tax? JimiGood Estate Planning 0 08-23-2007 08:48 AM
What items are tax deductible on my Escrow Statement? Edmund Itemized Deductions 1 03-14-2007 09:00 AM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning
 
 
 

» Recent Tax Q&A
No Threads to Display.