If I give my child a gift of $12,000, is it a tax deduction for me?
- STEVEN FLv 74 weeks ago
Gifts are NOT deductible.
- Beverly SLv 74 weeks ago
No, your child is not a charity........... gifts are not deductible unless it's to a charity.
- StephenWeinsteinLv 74 weeks ago
No, it is not. A gift to another human is never a deduction.
- 4 weeks ago
No, not at all.
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- EvaLv 74 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.
- yLv 74 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.
- Coffee DrinkerLv 74 weeks ago
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.
- hamel5Lv 74 weeks ago
Of course not - If it were, your kid would have to pay taxes on the income.
- Anonymous4 weeks ago
Gifts are not tax deductible to an individual.
- Casey YLv 74 weeks ago
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...