Gift tax returns: The bounds of generosity

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in Small Business Tax,Small Business Tax Deduction Strategies

Based on new gift tax data released in the IRS Winter 2013 SOI Bulletin, the amount of charitable deductions claimed on gift tax returns in 2011 increased to nearly $4.4 billion, up from $3.1 billion in 2010. Also, the number of deductions claimed on gift tax returns rose substantially from 4,491 in 2010 to 5,451 in 2011. Finally, in 2011 taxpayers made almost $51 billion in total gifts of money or property, up from $37.9 billion in 2010.

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