How can I add in possible deductions from gifting my children, paying for their housing while away at college and purchasing a condo with my line of credit for 1 child?

[bella8019]

2 children.  1 out of state in college that we pay all expenses for and gift $ each week on auto-deposit.  1 close to home that we purchased a condo for from the line of credit.

[xmasbaby0]

Gifts to children are never deductible.    Unless you have a 529 plan, housing at college is not a qualified education expense and cannot be deducted.

If you purchased a condo then you can enter it as a second home and deduct the mortgage, property tax and loan origination points.   

GIFTS

Gifts given to family members, friends or other individuals are not deductible.   Gifts received are not taxable to the person who received the gift, and are not entered on a tax return.

https://ttlc.intuit.com/questions/1899852-what-are-considered-qualified-education-expenses

https://ttlc.intuit.com/questions/2976047-what-are-examples-of-education-expenses

For the condo:

Go to Federal> Deductions and Credits> Your Home to enter mortgage interest, property taxes, and loan origination fees (“points”) that you paid in 2023.  You should have a 1098 from your mortgage lender that shows this information.  Lenders send these in January/early February.

Some other information that may be helpful

https://ttlc.intuit.com/questions/1901172-what-are-education-tax-credits

https://ttlc.intuit.com/questions/1901172-what-education-tax-credits-are-available      

https://www.irs.gov/help/ita/am-i-eligible-to-claim-an-education-credit

https://ttlc.intuit.com/questions/3262983-who-is-eligible-to-take-the-american-opportunity-tax-credi...

AOC will be shown on line 29 of your Form 1040

https://ttlc.intuit.com/questions/3383321-why-didn-t-i-get-a-credit-or-deduction-for-education-expen...