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!