I gave money to my in-laws last year to help with childcare expenses. Do they need to claim the money I gave them on their taxes?

posted

No. Gifts received are not taxable, nor are they deductible for you on your own return.

However, if they want to claim the childcare credit and enter the money paid for the childcare, they can do that. The source of the money used to pay the childcare does not matter.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**