Deductions & credits

Gifts given to individuals are never deductible.  Only donations to charity can be deducted, and only if you itemize deductions.   But if you gave a gift worth $17,000 or more  to your friend you will need to complete a gift tax form 709.   

 

TurboTax does not  support Form 709, but you can download it from the IRS website and fill it out per the Form 709 instructions.

**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.**