No, you can't deduct or expense the money that you paid for your son's racing on your personal tax return. Gifts aren't tax deductible. If your gift was more than $18,000 ($36,000 for a married couple), you will have to complete Form 709, which TurboTax doesn't support.
Refer to the TurboTax articles Where do I report a cash gift? and Tax Guidelines About Gifting.
If you are sponsoring your son through your business, please provide more information and clarify so we may assist you.
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