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June 1, 2019
Question

I gift my daughter $!0,000 per year per student to help with the tuition for each of my 2 college student Granddaughters. Can I deduct this?

  • June 1, 2019
  • 2 replies
  • 0 views

What more would you like to know?

    2 replies

    DoninGA
    Employee
    June 1, 2019

    A gift given to an individual is not deductible on a tax return.  You can gift up to $14,000 to a single individual per year without having to file a Form 709 Gift Tax return.

    A gift received from an individual is not reported on a tax return, regardless of the amount received.

    Employee
    June 1, 2019

    No.  Gifts to individuals are not a deduction.

    January 8, 2023

    I understand that the gift limit is now (2022) $16,000 per individual per year. Can I get a confirmation on that?

     

    Employee
    January 8, 2023

    Correct. $16,000 in 2022 and $17,000 in 2023.