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Cash gifts to adult children
This year (2008 ) I would like to give a cash gift to my youngest who is in trade school and working full time. I would like to know how to go about it, would the cash gift effect his income and can I deducted from my 2008 taxes.
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The gift does NOT affect his/her income at all, regardless of the amount of the gift.
It MAY affect your tax situation. If your child is under the age of 25, you can claim him/her as a dependent if he/she is considered to be a student, regardless of his/her earned income level, provided you can show that you provided over HALF of his/her total support for the year. You CANNOT deduct the gift from your income taxes. If the gift is less than $13,000 for 2008, there is NO REQUIREMENT to report the gift on a gift tax return. Further, you can give up to $26,000 to your child by having your wife give him/her $13,000 in addition to the $13,000 you give him/her. |
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