Can I deduct money given to Grandchildren?

Forum|Forum|3 years ago
January 19, 2023
2 replies
36 views

Where do I take deductions given to Grandchildren?

TurboTax Deluxe Online

Best answer by Anonymous_

@7cbfletcher wrote:
Where do I take deductions given to Grandchildren?

No. Your grandchildren are not recognized charities. Further, if you give each more than $17,000 this year (or $16,000 in 2022), you need to file Form 709.

See https://www.irs.gov/instructions/i709#en_US_2022_publink16784xd0e649

Anonymous_Answer

Level 15

@7cbfletcher wrote:
Where do I take deductions given to Grandchildren?

No. Your grandchildren are not recognized charities. Further, if you give each more than $17,000 this year (or $16,000 in 2022), you need to file Form 709.

See https://www.irs.gov/instructions/i709#en_US_2022_publink16784xd0e649

DoninGA

Level 15

Gifts given are not reported on a tax return. Gifts received are not entered on a tax return.

If you gave a gift to a single individual in the amount that was greater than $16,000 in 2022 then you have to report the gift given to the IRS using Form 709.