I read somewhere that you can give your kids or anyone else up to $10,000 a year and deduct it from your income. If this is true, where can I find out the rules concerning this? Must it be business related?
Is there an income tax deduction (up to $10,000 per year per recipient) for gifts?
One Response to Is there an income tax deduction (up to $10,000 per year per recipient) for gifts?
The recipient does not have to pay a tax on it, and the giver CANNOT claim it as a tax deduction.
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