MinhT1
Expert Alumni

Deductions & credits

No, gifts are not tax deductible.

 

If the gift is valued at $15,000, you do not have to file a gift tax return (form 709) as the annual gift exclusion is $15,000.

 

Please read this IRS document for more information.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"