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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.***
March 18, 2020
5:17 PM