gifting

[filthorn]

Is my $10,000.00 gift to an adult child tax deductible for me. If so, what form?

[Kat]

Sorry, but no.  A gift to a child is no different from a gift to anyone, and is not tax deductible.  Additionally, the gift to your adult child is not taxable income for him/her. 

You should keep a record of the total you've gifted to your child, as there are (large) limits that would eventually require a gift tax return.   But for now, you're a very generous parent.  Good for you!

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[DavidD66 · Accepted solution]

No, gifts are not tax deductible to the donor.  

[filthorn]

If I gift to my adult child, can my adult child use the gift for child care expense or moving deductions?

[Kat]

@filthorn From a tax standpoint, your child can use the gifted money for absolutely anything he/she wishes.