Question

How do I deduct money I gave my daughter for a house down payment?

Forum|Forum|4 years ago
April 10, 2022
1 reply
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do I list it as a charitable donation?

TurboTax Premier Online

Employee

No, you don't report gifts to people on your tax return. And she doesn't report it as income. But if you gave over 15,000 to one personal you may have to file a separate Gift Tax return.

One person can give anyone else a gift up to $15,000 per year. But you could give a married couple 15,000 each so that would be 30,000 and if you are married each of you could give each of them 15,000 for a grand total of 60,000 without doing the gift tax return. Over that the giver must file a gift tax return form 709.

Here is a blank form 709….

http://www.irs.gov/pub/irs-pdf/f709.pdf

And the instructions….

http://www.irs.gov/pub/irs-pdf/i709.pdf