How much can you give a child each year to use it as a tax deduction?

Answer 1

Zero. Gifts to your childern, or anyone for that matter, are not deductible.

Answer 2

Zero. They only get tax deductions for allowable items that they pay themselves.

You can give each child up to $12,000 each year without you having to file a gift tax return, but the amount isn't deductible to you.

Answer 3

Nothing. There are no deductions for gifts to children. In fact, there is a Gift Tax that could require you to pay a tax on the gift in many cases.

Answer 4

You do not have to give your child anything in order to take the exemption for you child. The qualifications to take your child's exemption are:

1. The child is your child (or sibling, niece, nephew, grandchild)

2. The child lives with you for more than half of the year

3. The child does not provide over half of his own support

4. The child is under age 19, or under 24 and a full time student, or permanently and totally disabled.

There are exceptions for divorced or separated parents that I have omitted. But otherwise, there is no support from you required to claim an exemption for your child.

Answer 5

Where are some of these answers coming from? Sure you can give and deduct that amount; but depends on why you give. In some cases you can give to an org $10,000, but in many cases you might not be able to give that much to a child each year. But if you do, that is deductible. In other words you can't deduct the entire amount from your taxes, but you will not have to pay whatever taxes on that amount you would have paid if you did not give it away. Just as people donate to politicians, they can also donate to children as well, and deduct or not have to pay the tax on that amount.\Truth

Answer 6

Gifts to your children cannot be used as a tax deduction. Gifts can be deducted only if they are to charity or, in certain cases, if they are business expenses.

Answer 7

Zero. No such deduction.