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Is a cash gift to a family member a deduction to my taxes?

San Diego, CA |

Can I use the amount of cash I have given to family members as a deduction on my tax forms? If so, where is it entered?

Attorney Answers 3


  1. Gifts can never be deducted, except as business expenses to business associates.

    Disclaimer: Please note that this answer does not constitute legal advice, and should not be relied on, since each state has different laws, each situation is fact specific, and it is impossible to evaluate a legal problem without a comprehensive consultation and review of all the facts and documents at issue. This answer does not create an attorney-client relationship.


  2. If it was truly a gift, you can't deduct it from your taxes. If it was a loan that you have decided not to collect on, and you have sufficient documentation that it was a loan (such as a promissory note), you may be able to deduct it.

    Also note that you may generally give gifts of up to $13,000 per person per calender year without giving rise to estate and gift tax issues.

    Disclaimer: Please note that this answer does not constitute legal advice, and should not be relied on, since each state has different laws, each situation is fact specific, and it is impossible to evaluate a legal problem without a comprehensive consultation and review of all the facts and documents at issue. This answer does not create an attorney-client relationship.

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