I gave a friend some money last year to help her while she was unemployed and I do not expect to get much of it repaid. Can I deduct any of this as a gift?
I gave a friend some money last year to help her while she was unemployed and I do not expect to get much of it repaid. Can I deduct any of this as a gift?
No. Gifts to individuals are not deductible. Only gifts to charities are deductible.
**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**