Kat
Alumni
Alumni

Deductions & credits

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.***