gifting

Forum|Forum|6 years ago
March 19, 2020
2 replies
24 views

Is my $10,000.00 gift to an adult child tax deductible for me. If so, what form?

Best answer by DavidD66

No, gifts are not tax deductible to the donor.

Kat11_2

Alumni - Champ

Sorry, but no. A gift to a child is no different from a gift to anyone, and is not tax deductible. Additionally, the gift to your adult child is not taxable income for him/her.

You should keep a record of the total you've gifted to your child, as there are (large) limits that would eventually require a gift tax return. But for now, you're a very generous parent. Good for you!

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*** I am NOT a tax expert. I am a seasoned TurboTax user, and volunteer to provide assistance to TT users. Nothing I post is to be considered TAX ADVICE; I bear no legal liability for responses.***

DavidD66Answer

Level 15

No, gifts are not tax deductible to the donor.

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filthornAuthor

Level 2

If I gift to my adult child, can my adult child use the gift for child care expense or moving deductions?

Kat11_2

Alumni - Champ

@filthorn From a tax standpoint, your child can use the gifted money for absolutely anything he/she wishes.

*** I am NOT a tax expert. I am a seasoned TurboTax user, and volunteer to provide assistance to TT users. Nothing I post is to be considered TAX ADVICE; I bear no legal liability for responses.***