topic Questing regarding giving parents money. in Get your taxes done using TurboTax

Questing regarding giving parents money.

Francisco2019 — Thu, 25 Mar 2021 00:11:03 GMT

Good Evening, My question is giving money to parents can I claim it as tax deduction on my tax. But I don't claim them as dependent. For example: I give them $500 per month = $6,000 yearly. So can I claim that $6,000 deduction on my tax return to reduce my taxes?

Re: Questing regarding giving parents money.

macuser_22 — Thu, 25 Mar 2021 00:12:07 GMT

No. Gifts do not go on a tax return.

Re: Questing regarding giving parents money.

xmasbaby0 — Thu, 25 Mar 2021 00:15:05 GMT

No. Gifts to your parents are not deductible. You cannot claim gifts to individuals as a deduction--only donations to recognized charities can be deducted.

And....even if you claim your parents....you do not get to enter the $6000. You would only get a $500 credit for other dependents for each parent that you claim as a dependent.

If the amount you gave them is not over half their support for the year, then you cannot claim them. But it is very nice that you are helping your parents.

Re: Questing regarding giving parents money.

Francisco2019 — Thu, 25 Mar 2021 00:17:15 GMT

Understand. Thank You