If I give a $12,000 gift to my grown son ?To use as down payment on house.Can I claim as a tax deduction ?

Answer 1

No you can't, and $12000 exceeds the $10000 maximum allowed for gifts, you might be liable for a gift tax. I would advise you check with a professional on this.
Good luck.

Answer 2

Absolutely not. There is no deduction available for personal expenses, especially gifts to children. Don't confuse the gift tax scheme with the income tax provisions. There is an available exclusion that allows a donor to give up to $12,000 annually (that's cumulative for the year) to a donee without having to file a gift tax return (and the $12,000 includes incidental gifts throughout the year, such as Christmas and birthdays, etc.) If the $12,000 is exceeded, the excess is a taxable gift that has to be reported on a gift tax return in order to make the exclusion available, and it reduces the donor's lifetime unified estate and gift credit.

Answer 3

No, it's not a tax deduction to you, but as long as it's $12,000 or less, you won't have to file a gift tax return, or pay tax on making the gift.

If people could just deduct gifts that they give, everybody would be passing money back and forth. A gift is NOT a deduction to the giver, and is not claimed as income by the recipient.

Answer 4

No deduction.

Gifts are not taxable to the receiver nor are they deductible to the giver.

Since the gift was $12,000, no gift tax return is due.

Just chalk one up to being nice.

Answer 5

If I recall correctly, you can give up to $10,000.00 as a gift to one person in a calendar year - this used to come up when I worked in banking and people got fat monetary Christmas gifts from parents and such. Check with an accountant to be sure.

Answer 6

I would say yes, as long as it's a gift, and he doens't pay you back. Check with H&R Block or someone. But I think yes.

Answer 7

no