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Wayne Brasch
Wayne Brasch, Accountant and Business Consultant
Category: Tax
Satisfied Customers: 1298
Experience:  Master of Science in Taxation. Tax experience since 1963.
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Can you deduct cash gifts given to your children on Federal income tax return

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Are there limits, or is this allowed at all?
It is not presently allowable by the current Federal tax laws to deduct cash gifts given to your children or anyone else as far as that goes. If the money benefits a particular individual, it is not deductible.
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