$16000.00 gift to family member

[Larry G80]

Is there a monetary value that can be given to a family member & can that value be considered a deduction?

[MinhT1]

Gifts are not tax deductible.

For 2024. there is a gift exclusion of $18,000 per donee. This means that you can give up to $18,000 per person without having to file a gift tax return.

[Larry G80]

So does it qualify as a deduction in owed taxes or is just for reporting sake?

[MayaD]

No. It is not a deduction.