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Print 1040ezPrint 1040ez 3. Print 1040ez Gifts Table of Contents If you give gifts in the course of your trade or business, you can deduct all or part of the cost. Print 1040ez This chapter explains the limits and rules for deducting the costs of gifts. Print 1040ez $25 limit. Print 1040ez You can deduct no more than $25 for business gifts you give directly or indirectly to each person during your tax year. Print 1040ez A gift to a company that is intended for the eventual personal use or benefit of a particular person or a limited class of people will be considered an indirect gift to that particular person or to the individuals within that class of people who receive the gift. Print 1040ez If you give a gift to a member of a customer's family, the gift is generally considered to be an indirect gift to the customer. Print 1040ez This rule does not apply if you have a bona fide, independent business connection with that family member and the gift is not intended for the customer's eventual use. Print 1040ez If you and your spouse both give gifts, both of you are treated as one taxpayer. Print 1040ez It does not matter whether you have separate businesses, are separately employed, or whether each of you has an independent connection with the recipient. Print 1040ez If a partnership gives gifts, the partnership and the partners are treated as one taxpayer. Print 1040ez Example. Print 1040ez Bob Jones sells products to Local Company. Print 1040ez He and his wife, Jan, gave Local Company three gourmet gift baskets to thank them for their business. Print 1040ez They paid $80 for each gift basket, or $240 total. Print 1040ez Three of Local Company's executives took the gift baskets home for their families' use. Print 1040ez Bob and Jan have no independent business relationship with any of the executives' other family members. Print 1040ez They can deduct a total of $75 ($25 limit × 3) for the gift baskets. Print 1040ez Incidental costs. Print 1040ez Incidental costs, such as engraving on jewelry, or packaging, insuring, and mailing, are generally not included in determining the cost of a gift for purposes of the $25 limit. Print 1040ez A cost is incidental only if it does not add substantial value to the gift. Print 1040ez For example, the cost of gift wrapping is an incidental cost. Print 1040ez However, the purchase of an ornamental basket for packaging fruit is not an incidental cost if the value of the basket is substantial compared to the value of the fruit. Print 1040ez Exceptions. Print 1040ez The following items are not considered gifts for purposes of the $25 limit. Print 1040ez An item that costs $4 or less and: Has your name clearly and permanently imprinted on the gift, and Is one of a number of identical items you widely distribute. Print 1040ez Examples include pens, desk sets, and plastic bags and cases. Print 1040ez Signs, display racks, or other promotional material to be used on the business premises of the recipient. Print 1040ez Figure B. Print 1040ez When Are Transportation Expenses Deductible? Most employees and self-employed persons can use this chart. Print 1040ez (Do not use this chart if your home is your principal place of business. Print 1040ez See Office in the home . Print 1040ez ) Please click here for the text description of the image. Print 1040ez Figure B. Print 1040ez When Are Local Transportation Expenses Deductible?TAs for Figure B are: Reg 1. Print 1040ez 162-1(a); RR 55–109; RR 94–47 Gift or entertainment. Print 1040ez Any item that might be considered either a gift or entertainment generally will be considered entertainment. Print 1040ez However, if you give a customer packaged food or beverages you intend the customer to use at a later date, treat it as a gift. Print 1040ez If you give a customer tickets to a theater performance or sporting event and you do not go with the customer to the performance or event, you have a choice. Print 1040ez You can treat the cost of the tickets as either a gift expense or an entertainment expense, whichever is to your advantage. Print 1040ez You can change your treatment of the tickets at a later date by filing an amended return. Print 1040ez Generally, an amended return must be filed within 3 years from the date the original return was filed or within 2 years from the time the tax was paid, whichever is later. Print 1040ez If you go with the customer to the event, you must treat the cost of the tickets as an entertainment expense. Print 1040ez You cannot choose, in this case, to treat the cost of the tickets as a gift expense. Print 1040ez Prev Up Next Home More Online Publications
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