Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 04-10-2007, 04:45 PM
Junior Member
 
Join Date: Apr 2007
Posts: 1
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



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 07-31-2007, 04:56 PM
Junior Member
 
Join Date: Jul 2007
Posts: 12
no. They will pay tax when/if they sell the property later on if there is a gain.



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
  #3 (permalink)  
Old 12-03-2007, 08:09 PM
TaxGuru's Avatar
Tax Guru
 
Join Date: Jan 2007
Location: New Jersey, USA
Posts: 2,417
Blog Entries: 3
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.

__________________
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


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.