Can I deduct gifts to family?
An example of an AI chatbot conversation about tax deductions for gifts to family members.
Can I deduct gifts I give to my family on my taxes?
Generally, gifts to family members are not tax-deductible. However, there are some exceptions.
What are the exceptions? I want to make sure I'm following the rules.
You can deduct gifts if they are made to a qualified charity or if they exceed the annual exclusion limit.
What is the annual exclusion limit for gifts?
For 2023, the annual exclusion limit is $17,000 per recipient. Gifts above this amount may require filing a gift tax return.
Are there any tax implications if I exceed that limit?
Yes, exceeding the limit may require you to file a gift tax return, but it doesn't necessarily mean you'll owe taxes.
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