Hi, My girl-friend lives with me and my son. everymonth during the calander year 2006 I gave her $1000. Can I claim this amount as gift for tax purpose? Also if there are any other consequences. Thanks
Gift Tax qestion
Jan 14, 2008
2 Replies
"Alex M" wrote
It in fact ~is~ a gift. If you gave her any more than that amount ($12,000 for the year), in cash, check, or other gifts, then you must file a gift tax return.
You do not get to claim the $12,000 paid to her as a charitable deduction on Schedule A. In otherwords, it doesn't reduce your income any.
Oh, there always are other consequences.
Yea, another consequence is that her room and board are also "gifts" so you're over $12K limit allready..Why don't you just forget it because gifts do you no good tax wise.
ed.
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