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?

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.