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Old 02-11-2011, 12:09 AM
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Gifts to family members

I help my sister and brother in law thru out the year, I have given them at least 8000.00 this year, can I claim this on my taxes? And if so where does it go? Thanks



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Old 02-11-2011, 03:39 AM
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"I have given them at least 8000.00 this year, can I claim this on my taxes? And if so where does it go?"--->No; you can't claim your gifts on your return. you can't claim your gifts given to your sister and BIL; the annual gift tax exclusion amount is set at $13,000 to a person;you only need to file a gift tax form when you exceed the annual $13,000 tax-free gift limit. Any amount of money below $13,000 for that( each) person in that year would not be a taxable gift. As a donor, you don't even have to file Form 709 as your gift amount is less than $13,000 each person. UNLESS you made a huge gifts exceeding $1.026,000( as I assume that you have two donees) before or in 2011 alone, you are not liable for gift tax.



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