If I give my child a gift of $12,000, is it a tax deduction for me?

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  • 4 weeks ago

    Gifts are  NOT deductible.

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  • 4 weeks ago

    No, your child is not a charity........... gifts are not deductible unless it's to a charity.

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  • 4 weeks ago

    No, it is not. A gift to another human is never a deduction.

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  • 4 weeks ago

    No, not at all.

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  • Eva
    Lv 7
    4 weeks ago

    No. Gifts are not deductible. Only donations to bona fide charities may result in a deduction if you have enough deductions to itemize.

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  • y
    Lv 7
    4 weeks ago

    I forget the exacts but that was right around the gift amount that you could wright off, before Trumps changes in the tax code went in. I have no idea if that is still allowed or not.

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    • Nuff Sed
      Lv 7
      4 weeks agoReport

      @Steven F: "you can NEVER write off gifts"??  We have being doing it for many years and even survived an audit of our claimed charitable gift deductions. 

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  • 4 weeks ago

    Nope.

    And if you give more than $14,000 in one calendar year you must file a gift tax return.

    gifts to an individual person are NEVER tax deductible.

  • hamel5
    Lv 7
    4 weeks ago

    Of course not - If it were, your kid would have to pay taxes on the income.

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  • Anonymous
    4 weeks ago

    Gifts are not tax deductible to an individual.

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  • 4 weeks ago

    https://www.irs.gov/businesses/small-businesses-se...

    Short answer....no.  Are they a charity?  Of course not, individuals cannot be charitable institutions....so you dont reduce your tax burden by giving your kids some money...

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