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tdld2015
New Member

If I give my child a gift of money to purchase a car or home improvements is this something I can deduct off of my taxes?

 
6 Replies
tagteam
Level 15

If I give my child a gift of money to purchase a car or home improvements is this something I can deduct off of my taxes?

You can only deduct contributions or gifts to qualified organizations that are religious, charitable, educational, scientific, or literary in purpose.

 

See https://www.irs.gov/instructions/i1040sca#idm140545383081248

 

 

Furthermore, if the gift is more than $15,000, you may be required to file a gift tax return (Form 709).

 

See https://www.irs.gov/instructions/i709#idm140297522569072

SweetieJean
Level 15

If I give my child a gift of money to purchase a car or home improvements is this something I can deduct off of my taxes?

You realize this post is from 3 yrs ago?
xmasbaby0
Level 15

If I give my child a gift of money to purchase a car or home improvements is this something I can deduct off of my taxes?

@SweetieJean   This confusion is occurring because they are 'syncing" the current Answer Xchange with the new "community" forum and it is putting old posts in both places.  In the new forum they are appearing with dates that make them appear to be new questions.  Sigh........
**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.**
SweetieJean
Level 15

If I give my child a gift of money to purchase a car or home improvements is this something I can deduct off of my taxes?

Right...and I understand that the new forum lists them as unanswered.
tagteam
Level 15

If I give my child a gift of money to purchase a car or home improvements is this something I can deduct off of my taxes?

Not just "Unanswered", some of them actually do not have answers. In other words, the answers/comments to those questions on this board did not transfer to the Community - just the questions transferred.
BobB7
New Member

If I give my child a gift of money to purchase a car or home improvements is this something I can deduct off of my taxes?

No..No deductions for such acts of love.

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