The National Directory of Certified Public Accountants

Ask A CPA - Most Asked Questions

Where Do I Deduct The $15,000 Gift I Gave My Child To Pay Some Bills On My Tax Return?

People often misunderstand what the $15,000 gift exclusion represents as gifts are not deductions on an income tax return. Instead, the $15,000 gift exclusion is the maximum amount you are allowed to gift to one individual without being required to file a gift tax return.

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