Are gifts taxable?
Author: Ted Farley
Website: http://www.Tax-FAQ.com
Added: Sun, Jul 23, 2006 17:52:28
Category: Tax Questions
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Gifts are taxable. It depends on the equivalent cash amount of the gift. For instance, if you have given somebody a cash gift worth $11,000, you get an equivalent amount that is deductible on your taxes.
However, there are also stipulations in the law that allow you to give a certain amount, whether in cash or property, that does not have gift tax consequences. Gifts to charities are also deductible.
keywords: Taxes | Tax | Gifts | Donations About the Author:
Ted Farley answers frequently asked tax questions at PrettyGreatAnswers.com.
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