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swhamid
Level 2
Nov 16, 2022 7:00 PM UTC
Question

Gift to Children

I have given close to 9000 dollars to my child as a gift. Will this reduce my taxable income?

      2 replies

      R-SchuleCPA
      Level 5
      Nov 16, 2022 7:05 PM UTC

      Sorry to say but this type of gift will not directly reduce federal income tax. However, if the funds were used for education then an education credit on your individual return might be worth exploring.

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        swhamidAuthor
        Level 2
        Nov 16, 2022 7:59 PM UTC

        Although this amount was gifted for educational expense, I am not sure if the education expense deduction will be applicable in my case. 

         

        What is the the taxable income limit for taking education expense as deduction?

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