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New Member
posted Jun 15, 2021 7:36:29 PM

My son moved out in 2019, he is 23 and works but my wife and I have spent well over $10,000 in 2020 to help him continue to live on his own. He had signed a years lease.

Can we deduct some or all of our financial support ?

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2 Replies
Level 15
Jun 15, 2021 7:39:20 PM

Sorry Personal "gifts" are not deductible.  Is he a full time student?  

Level 15
Jun 15, 2021 7:40:04 PM

If your son was not a full-time student and had over $4300 of income in 2020 you cannot claim him as a dependent nor can you enter anything about the money you gave him.   Money you give your child as a gift is not deductible.