I am not talking about Trump. I am talking about the free money that people are sending the guy in jail who refused to serve his country in Iraq to his family for their monthly expenses.
Col. Lakin questioned Obama's qualifications to command, as I do, and many others do.
That's not really a fair statement, naps.
True that he did so, you are right about that....but without the explanation that he was doing so over what he considered an ethical crisis, and we misrepresent his actions.
What can be excluded from gifts?
The general rule is that any gift is a taxable gift. However, there are many exceptions to this rule. Generally, the following gifts are not taxable gifts.
Gifts that are not more than the annual exclusion for the calendar year.
Tuition or medical expenses you pay for someone (the educational and medical exclusions).
Gifts to your spouse.
Gifts to a political organization for its use.
In addition to this, gifts to qualifying charities are deductible from the value of the gift(s) made.
May I deduct gifts on my income tax return?
Making a gift or leaving your estate to your heirs does not ordinarily affect your federal income tax. You cannot deduct the value of gifts you make (other than gifts that are deductible charitable contributions). If you are not sure whether the gift tax or the estate tax applies to your situation, refer to Publication 950, Introduction to Estate and Gift Taxes.
How many annual exclusions are available?
The annual exclusion applies to gifts to each donee. In other words, if you give each of your children $11,000 in 2002-2005, $12,000 in 2006-2008, and $13,000 on or after January 1, 2009, the annual exclusion applies to each gift.
http://www.irs.gov/businesses/small/article/0,,id=108139,00.html#1