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

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Announcements
TurboTax has you covered during Covid. Get the latest stimulus info here.
cancel
Showing results for 
Search instead for 
Did you mean: 
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.

Dynamic AdsDynamic Ads
v
Privacy Settings