Gifting

[dennispaulik]

My wife and I paid off a student loan for one of our children this year, and credit card debt for another. Can we claim those amounts as gifts in order to reduce our taxable income in 2022? If yes, what kind of documentation does the IRS require. Both gifts would be less than the allowable limits.

[Anonymous_ · Accepted solution]

You cannot deduct the value of those gifts on your individual income tax return. 

You can only deduct contributions to qualified organizations.

See https://www.irs.gov/charities-non-profits/charitable-organizations/charitable-contribution-deduction...