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craigjsullivan
February 2, 2025
Question

I bought my son a truck as a gift. Can I deduct any portion of the price of the truck from my yearly earnings?

  • February 2, 2025
  • 1 reply
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    1 reply

    M
    MindyB
    February 2, 2025

    No, you cannot. Personal gifts are not tax deductible.  And, depending on the value of the truck you might be required to prepare a Form 709, US Gift Tax Return. The Gift Tax Return is typically required for cash and gifts of more than $18,000.  If you are married, you can consider it to be a joint gift, and then it would only be reportable if it cost more than $36,000.

     

    You can read about The Gift Tax here. 

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