How do you give cash as a gift?

Question

i gace my step mom 500 as a gift how do i do that so i can claim it in tax. i can i gice that cash as a gift

Answer 1

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Answer 2

gifts are NOT tax deductible

Nice Gift, though!

Can give up to $10-12,000 without gift tax implications

ONLY gifts to bona fide charities are tax deductible:  501c3 corps like Salvation Army, and then ONLY if you itemize your taxes

Answer 3

You can't claim a gift on your tax return - why would the other taxpayers give your stepmom a gift?  It's from YOU, so it's out of YOUR pocket, not the government's or the other taxpayers.

Answer 4

Sorry to tell you, but gifts are not tax deductible to the giver. And, if you gave one person more than $12,000 in a calendar year, you'd have to file a gift tax return.

Answer 5

there are several ways one is a 529 plan!

Answer 6

The $500 does not appear on your tax return or your stepmom's.

Just put the $500 cash in an envelope with a birthday card, and give it to her.

It's only when gifts exceed $12,000 that you attract the IRS's attention.

Answer 7

You cannot.  Gifts to individuals cannot be claimed/deducted on taxes.  Only gifts to certain types of organizations (cancer societies, churches, etc.) qualify.  Gifts to individuals, especially family, do not.

Answer 8

You don't get a deduction for gifts given.  The recipient of the gift NEVER pays tax on bona-fide gifts.

If you give a LOT of gifts, YOU may have to file a Gift Tax return and possibly pay Gift Taxes yourself.  However that doesn't kick in until you give more than $12,000 per year to any one recipient so a single $500 gift has no tax consequences for anyone whatsoever.