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swhamid
New Member

Gift to Children

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

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‎November 16, 2022 11:00 AM
last updated ‎November 16, 2022 11:00 AM
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R-SchuleCPA
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Gift to Children

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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‎November 16, 2022 11:05 AM
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swhamid
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Gift to Children

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?

‎November 16, 2022 11:59 AM
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