Are gifts a tax deduction?

Are gifts a tax deduction?

gift-2Well…maybe…..

If you give gifts from your business they are deductible up to $25 per person per year.

Also keep in mind that gifts to a specific person, even if there is a hardship, do not qualify as a charitable contribution.

 

You may owe gift tax if you give gifts over a specified amount to someone.

Here’s an IRS guide.

Linda Reinhardt

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