Gift to Children

Forum|Forum|3 years ago
November 16, 2022
2 replies
14 views

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

R-SchuleCPA

Level 5

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

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?

Gift to Children

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