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Jon Andrews
Jon Andrews, Certified Public Accountant (CPA)
Category: Tax
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Cash gift to children deduction

Resolved Question:

I gave cash gifts to two children, both adults. How much can I
deduct and on what Schedule/line item number?
Submitted: 11 years ago.
Category: Tax
Expert:  Jon Andrews replied 11 years ago.

Gifts to children are not deductible by the giver nor includible as income by the recipient.

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