Gifts to children
Hi Terry-enjoy you on wgn!
During 2022 my wife and i gifted a car to our daughter by buying out her lease. Cost was $17,000.
We also gifted our 2 sons the costs for them to study abroad in Spain for 3 months with a cost of $5000.00 each. Are these gifts deductible? Thank you.
Terry Says
They are not deductible, but they are not reportable. And they are not “income” to the recipients. Everyone should be happy!
