I have 15yrs and 20yrs old kids. I have gifted some cash to their own bank accounts for their use. is this deductible for my tax return? and how much you can gift to your kids (Cash) in any given year?
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Hi @samchaudhari,
There aren't any limits around how much money you can gift in a year, and there aren't any tax implications on those amounts. However, gifting money to your kids isn't tax deductible. Our article about tax on gifts has more information on this.
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Hi @samchaudhari,
There aren't any limits around how much money you can gift in a year, and there aren't any tax implications on those amounts. However, gifting money to your kids isn't tax deductible. Our article about tax on gifts has more information on this.
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