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Level 1

Question

Sponsorship

Forum|Forum|1 year ago
March 8, 2025
2 replies
19 views

I pay expenses for my sons racing. How do I deduct these expansive costs?

Level 15

You are giving him a gift. There is no deduction.

Level 14

No, you can't deduct or expense the money that you paid for your son's racing on your personal tax return. Gifts aren't tax deductible. If your gift was more than $18,000 ($36,000 for a married couple), you will have to complete Form 709, which TurboTax doesn't support.

Refer to the TurboTax articles Where do I report a cash gift? and Tax Guidelines About Gifting.

If you are sponsoring your son through your business, please provide more information and clarify so we may assist you.

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