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spencerstrong
New Member

Can gifting to children in early 2017 be counted in 2016

Can gifts made in early 2017, prior to 4/17/2017, to used in 2016 taxes
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Howard1948
Level 7

Can gifting to children in early 2017 be counted in 2016

No.  And besides, gifts usually do not affect a Federal income tax return.  Gifts are not income to the recipient nor are they deductible by the giver.  Some gifts over $14,000 in any one year to any one recipient may require the giver to file a Gift Tax return.

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1 Reply
Howard1948
Level 7

Can gifting to children in early 2017 be counted in 2016

No.  And besides, gifts usually do not affect a Federal income tax return.  Gifts are not income to the recipient nor are they deductible by the giver.  Some gifts over $14,000 in any one year to any one recipient may require the giver to file a Gift Tax return.

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