Can I give my son up to fifteen thousand dollars tax-free this year (2025)? Can I then deduct that same amount from my reportable gross income for year 2025?

[VolvoGirl]

You can give anyone 15,000 for 2025 but you can not deduct gifts to individuals.   Only gifts to IRS qualified charities and then only if you itemize deductions on Schedule A.   

[VolvoGirl]

For 2025 the max is 19,000.   You don't report gifts given or received on your personal tax return. If someone gives more than $19,000 (2025) to any one person, the giver might have to file a gift tax return form 709 to deduct the gift off their lifetime 5.43 million dollar exclusion but there won't be any taxes due.

[xmasbaby0]

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 2024 yearly limit ($18,000 per individual or $19,000 for 2025) 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