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2011 1040x2011 1040x 3. 2011 1040x 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. 2011 1040x This chapter explains the limits and rules for deducting the costs of gifts. 2011 1040x $25 limit. 2011 1040x You can deduct no more than $25 for business gifts you give directly or indirectly to each person during your tax year. 2011 1040x 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. 2011 1040x 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. 2011 1040x 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. 2011 1040x If you and your spouse both give gifts, both of you are treated as one taxpayer. 2011 1040x It does not matter whether you have separate businesses, are separately employed, or whether each of you has an independent connection with the recipient. 2011 1040x If a partnership gives gifts, the partnership and the partners are treated as one taxpayer. 2011 1040x Example. 2011 1040x Bob Jones sells products to Local Company. 2011 1040x He and his wife, Jan, gave Local Company three gourmet gift baskets to thank them for their business. 2011 1040x They paid $80 for each gift basket, or $240 total. 2011 1040x Three of Local Company's executives took the gift baskets home for their families' use. 2011 1040x Bob and Jan have no independent business relationship with any of the executives' other family members. 2011 1040x They can deduct a total of $75 ($25 limit × 3) for the gift baskets. 2011 1040x Incidental costs. 2011 1040x 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. 2011 1040x A cost is incidental only if it does not add substantial value to the gift. 2011 1040x For example, the cost of gift wrapping is an incidental cost. 2011 1040x 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. 2011 1040x Exceptions. 2011 1040x The following items are not considered gifts for purposes of the $25 limit. 2011 1040x 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. 2011 1040x Examples include pens, desk sets, and plastic bags and cases. 2011 1040x Signs, display racks, or other promotional material to be used on the business premises of the recipient. 2011 1040x Figure B. 2011 1040x When Are Transportation Expenses Deductible? Most employees and self-employed persons can use this chart. 2011 1040x (Do not use this chart if your home is your principal place of business. 2011 1040x See Office in the home . 2011 1040x ) Please click here for the text description of the image. 2011 1040x Figure B. 2011 1040x When Are Local Transportation Expenses Deductible?TAs for Figure B are: Reg 1. 2011 1040x 162-1(a); RR 55–109; RR 94–47 Gift or entertainment. 2011 1040x Any item that might be considered either a gift or entertainment generally will be considered entertainment. 2011 1040x 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. 2011 1040x 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. 2011 1040x You can treat the cost of the tickets as either a gift expense or an entertainment expense, whichever is to your advantage. 2011 1040x You can change your treatment of the tickets at a later date by filing an amended return. 2011 1040x 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. 2011 1040x If you go with the customer to the event, you must treat the cost of the tickets as an entertainment expense. 2011 1040x You cannot choose, in this case, to treat the cost of the tickets as a gift expense. 2011 1040x Prev Up Next Home More Online Publications
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