How do I deduct a monitary gift to my child

[DoninGA · Accepted solution]

Gifts given to an individual are not reported on nor deductible on a tax return.  

Gifts received from an individual are not reported on a tax return, regardless of the amount of the gift received.

If the gift given to an individual is over $15,000 during the year then an IRS Form 709 is required to be filed to report the gift given.