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Get your taxes done using TurboTax
No. Gifts to your parents are not deductible. You cannot claim gifts to individuals as a deduction--only donations to recognized charities can be deducted.
And....even if you claim your parents....you do not get to enter the $6000. You would only get a $500 credit for other dependents for each parent that you claim as a dependent.
If the amount you gave them is not over half their support for the year, then you cannot claim them. But it is very nice that you are helping your parents.
**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
March 24, 2021
5:15 PM