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Gift from your boss this holiday season like -- -- out of already Tennessee -- -- does this mean you'll all of -- to Uncle Sam come this April let's find out it's time for Tuesday's with Tracy Byrnes.
So -- like I was asking ray Hennessey buys via an iPad -- -- very serious about this race.
Odd does that mean -- -- is the homily today.
Come -- and I've been.
Yes and here's why because re not giving the iPad and the kindness of his heart he really don't like -- so do you see as the -- you because he's exactly where -- there.
And so therefore the gift -- part of your job it's incentive to do better it is.
But just a form another form of compensation so if it does not he does not report that on your W two you just sector reported a southern commend the way pretax earnings -- Favor or give to get back to -- industry have to pay taxes too because -- now that that's and the kindness depends on what became what would you want from -- See what you're -- so let's say Chris gave ray an iPad.
-- -- -- -- -- -- -- -- -- The best that he can do is deduct 25 dollars on as it business expense personal business expense for him.
Break it yet but it walks like 25 dollars when he -- dollars -- -- that's considered a business expense you could you're giving your boss a really nice gift.
You've read -- your call -- -- as well.
And you -- all -- the most you can take as a deduction for that gift is 25 another scenario let's say you receive a gift as an employee from just a business contact out and then the broader world you don't know that person's pay taxes on -- still have to pay taxes as the recipient know an idea you -- you would presume they know better and they are taken their.
Mere 25 dollar deduction so you should not have to you and then is there a dollar value like a line that's drawn in terms of value of gift that you have to pay taxes on persistent don't know if you play it if your parents give you a gift that's when the whole gift tax thing starts to come in but if -- if you were talking business these are all business he expenses and no one in business did you give could be like -- just.
Know that no wood to visit the IRS -- and that's the IRS says oh well I must say that a -- escape it like.
Turkey for Christmas crush on -- -- But I worry about it -- -- thought you know this is the tax attributes they have waited too different from my -- something.
I would -- jet -- I've got to pay taxes on that gets even at a different rate than if somebody gives me something in the business world a sense that within my boss gives me something you know I'm not expecting that as compensation expecting iPad -- -- ready for that in compensation yet you're saying I have to treated his company.
And you have to change your your jet ski as some sort of ordinary income as well so it in net net candidates -- same tax rate you know the year.
Boss could give you the iPad.
And then he could -- sit up and actually cut you look -- for the taxes well I mean businesses do you do that too so you know.
This Sicilian background is coming particularly if it fits report it -- -- gifts -- family big you can get I can gift to my children up to 26000 dollars if I were married.
And not have to pay gift tax entirely different than the business that's your iPad and is me business if the -- sounds like Obama and -- -- yeah I'm.
For the gift to the united say that much -- anything -- the height density of --
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