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I gave 5,000 to my adult son to help him. How and where on…

I gave 5,000 to...

I gave 5,000 to my adult son to help him. How and where on my 1040 can I show that as a deduction

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

I have many charitbale contributions and know how to claim them as a deduction on my tax return, But, I do not know how to clain a $5,000 gift to a family member. How to report it and what form

Accountant's Assistant: Is there anything else important you think the Accountant should know?

I don't think so

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3/12/2018
Tax.appeal.168
Tax.appeal.168, Tax Accountant
Category: Tax
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Experience: 3+ decades of varied tax industry exp. Tax Biz owner
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Hello. Thank you for choosing this Q&A service for assistance. My name is***** will be assisting you. I am prepping my response, which i will provide to you in the next thread(s).

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In brief, gifts to family members are not tax deductible. You will not show the gift amount made to your son on your tax return. You can't even write it off as a charitable deduction.

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Customer reply replied 1 month ago
Even if he used it to pay off education expenses
Customer reply replied 1 month ago
There is no need to talk if there is no avenue to obtain a tax deduction when giving a family member a gift.
Customer reply replied 1 month ago
If I don't get any further response , does this mean there is nothin g further to discuss on this issue unless I call?

My apologies, i stepped away from the computer for a few minutes. Is he a dependent?

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Customer reply replied 1 month ago
No
Customer reply replied 1 month ago
he is 40 yearss old and trying to help him rid his student loans

Even if your son used thee expenses for the purpose to pay education expenses, you are unable to deduct the amount because you do not claim him as a dependent. SEE BELOW:

-------------------------------

Who Can Claim an Education Credit?

There are additional rules for each credit, but you must meet all three of the following for either credit:

  1. You, your dependent or a third party pays qualified education expenses for higher education.
  2. An eligible student must be enrolled at an eligible educational institution.
  3. The eligible student is yourself, your spouse or a dependent you list on your tax return.

REFERENCE SOURCE:

https://www.irs.gov/newsroom/tax-benefits-for-education-information-center

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Customer reply replied 1 month ago
Thank you

You are very welcome. Please take the time to positively rate my response 3 or more stars so that I can receive credit for assisting you. Thank you in advance.

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