When gifting money to a child do the parent get any tax benefit?

Question

I know that each parent can gift up to $12,000 each, but does the amount gifted come off the bottom of the income for tax purposes?

Answer 1

No, giving a gift doesn't come off your taxes, or give you any tax benefit.

Answer 2

The benefit would come when the parents die, and the benefit is really to the children. The giver does not get to deduct the gift, the point is that the money is removed from the estate, and is not taxed to the receiver. This doesn't matter at all to most people, estate tax is only due on estates over, I believe $500,000 to a single beneficiary.

Answer 3

Judy is correct there is no tax benefit for giving gifts to your children