If I gift money to a one of my children,can i deduct it from this years taxes? If so is there a limit. Thank you

Terry Says:  Gifting money to children, or anyone other than a registered charity or religious organization, does not get you a tax deduction!  You can gift up to $14,000 a year each to anyone — children, friends, the mailman — every year.   Again, this doesn’t get you a tax deduction — but you can make a lot of people happy!

 

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