No. Gifts to individuals are not deductible as charitable contributions. Only amounts contributed to qualified organizations, such as nonprofit groups that are religious, charitable, educational, scientific, or literary in purpose, or that work to prevent cruelty to children or animals are tax-deductible. You can gift up to $17,000 in 2023 or $18,000 in 2024 to an individual without having to pay any gift tax.
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- If I were to make a gift of money to a friend or family member in financial difficulties, would I be able to declare it as a charitable gift on my tax return?
- How are deductions handled when married persons file separate returns? Most of the expenses come out of a joint account; must they be split in half?
- I was not able to itemize my mortgage interest last year since I didn't have enough deductions to itemize. Can I add this interest to this year's amount and deduct them both?
- My husband and I have a mortgage on our home, an RV and a time-share. Can we deduct the mortgage interest we paid on all three of these?
- My spouse has dementia and requires in-home care. Is this expense deductible?