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 allow you to give certain amounts, 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.
