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bomb_digiti
New Member

If I gifted $5,000.00 to my son to purchase a house is that tax deductible.

 
2 Replies
jerry2000
Alumni

If I gifted $5,000.00 to my son to purchase a house is that tax deductible.

No, that is not deductible. A gift to an individual is not deductible.
RichardG
New Member

If I gifted $5,000.00 to my son to purchase a house is that tax deductible.

No, there is no income tax deductions for gifts made to a private individual.

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