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 ?
02282
2 Replies
VolvoGirl
Level 15
Jun 15, 2021 7:39:20 PM
Sorry Personal "gifts" are not deductible. Is he a full time student?
xmasbaby0
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.