My wife and I gave money to my daughter to buy a house, how do I claim this deduction?

[buglatham]

Can I deduct money I gave to my daughter to buy a house?

[NCperson]

@buglatham no; gifts are not tax deductible.  As long as you two gave less than $36,000 among the two of you, there is no tax to be paid and no reporting requirement. 

[xmasbaby0]

No.

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.

If your gift exceeds the yearly limit ($18,000 per individual)  imposed by the gift tax rules, then you will need to complete a Form 709 gift tax form and send it to the IRS, although it is very unlikely that you will owe any tax.

TurboTax does not support Form 709.  It is not an income tax form and would not be included as part of an income tax return.

Here is a link to the form:

https://www.irs.gov/pub/irs-pdf/f709.pdf

https://turbotax.intuit.com/tax-tips/estates/the-gift-tax-made-simple/L5tGWVC8N

[SharonD007]

No, you can't deduct the money that you gave your daughter to purchase a house.  Gifts aren't tax deductible. If your gift was more than $36,000 for a married couple, you will have to complete Form 709, which TurboTax doesn't support.

Refer to the TurboTax articles Where do I report a cash gift? and Tax Guidelines About Gifting.