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bhh8451
March 25, 2020
Question

Can I deduct my child's monthly car payment as a gift

  • March 25, 2020
  • 1 reply
  • 0 views
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1 reply

DoninGA
DoninGA
Employee
March 25, 2020

Sorry, 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 received.

 

If the gift given is more than $15,000 then the giver of the gift has to report the gift given on an IRS Form 709.

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