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Old 04-10-2007, 04:45 PM
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Can I deduct the amount given to our Kids free tax gifts.

Dear Sirs:

I would like to know if I can deduct the amount given to our Kids fir free tax gifts.
And wher do I enter it on the income tax form?

Thanks David Benne



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Old 07-31-2007, 04:56 PM
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no. They will pay tax when/if they sell the property later on if there is a gain.



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Old 12-03-2007, 08:09 PM
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What is the 2007 Annual Gift Exclusion amount?

For Tax Years 2007 and 2008 Annual Gift Exclusion Amount:
If the amount given to kids is below the allowable Annual Gift Exclusion amount, there generally is no reportable event. For Tax year 2007 and 2008, the annual gift exclusion amount is $12,000 and this is the amount that you can gift each of your child without requiring a gift tax return to be filed.

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