By Nathan Vinson, Attorney
English, Lucas, Priest and Owsley, LLP
You’d think giving money away would be easy, wouldn’t you? And for the most part, it is. But it’s important to pay attention to some of the details so you don’t end up getting socked with a tax bill or missing out on a tax deduction in return for your generosity.
In our last post, we discussed how to give money to your children, grandchildren or anyone else you’d like without much complication (such as having to file a gift tax return). Now, let’s turn to gifting that can net you a tax deduction on your income tax return (in addition to just making you feel good).