Are gifts taxable?
Gifts are taxable. It depends on the equivalent amount of the gift to be given. For instance, if you have given somebody a cash gift worth $11,000.00, it has an equivalent deductible tax charged to the giver.
However, there are also stipulations in the law that allows you to give such kind of amount, whether in cash or property, which do not have gift tax consequences. Gifts to charities or raffle draw winners have a corresponding deductible tax depending on the cash gift that they have received.
--- permission must be obtained from author Ted Farley to re-publish ---
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