https://ttlc.intuit.com/community/taxes/discussion/re-gifting/01/2792790#M1029370 <P>You cannot deduct the value of those gifts on your individual income tax return.&nbsp;</P> <P>&nbsp;</P> <P>You can only deduct contributions to qualified organizations.</P> <P>&nbsp;</P> <P>See&nbsp;<A href="https://www.irs.gov/charities-non-profits/charitable-organizations/charitable-contribution-deductions" target="_blank">https://www.irs.gov/charities-non-profits/charitable-organizations/charitable-contribution-deductions</A></P> Wed, 16 Nov 2022 21:38:56 GMT Anonymous_ 2022-11-16T21:38:56Z https://ttlc.intuit.com/community/taxes/discussion/gifting/01/2792676#M1029369 <P>My wife and I paid off a student loan for one of our children this year, and credit card debt for another. Can we claim those amounts as gifts in order to reduce our taxable income in 2022? If yes, what kind of documentation does the IRS require. Both gifts would be less than the allowable limits.</P> Tue, 10 Mar 2026 06:50:33 GMT https://ttlc.intuit.com/community/taxes/discussion/gifting/01/2792676#M1029369 dennispaulik 2026-03-10T06:50:33Z https://ttlc.intuit.com/community/taxes/discussion/re-gifting/01/2792790#M1029370 <P>You cannot deduct the value of those gifts on your individual income tax return.&nbsp;</P> <P>&nbsp;</P> <P>You can only deduct contributions to qualified organizations.</P> <P>&nbsp;</P> <P>See&nbsp;<A href="https://www.irs.gov/charities-non-profits/charitable-organizations/charitable-contribution-deductions" target="_blank">https://www.irs.gov/charities-non-profits/charitable-organizations/charitable-contribution-deductions</A></P> Wed, 16 Nov 2022 21:38:56 GMT https://ttlc.intuit.com/community/taxes/discussion/re-gifting/01/2792790#M1029370 Anonymous_ 2022-11-16T21:38:56Z