If I gift money for closing costs on a house, is it tax deductible?

I live in Nebraska, my daughter lives in California and is purchasing a house. She has asked me to help with closing costs and the money will be contributed as a gift. Can I deduct this on my taxes?





Thank you.

If I gift money for closing costs on a house, is it tax deductible?
Gift money may or may not be taxable depending on the size of the gift. $12,000 is the tax exclusion amount so giving more than that amount may lead to tax consequencies. Remember the amount is $12,000 per person that is giving her that money. if you are married, you and your husband can separately give $12,000 to your daughter.





Gifts are not deductable on your taxes. You're thinking of charitable donations to salvation army or goodwill.
Reply:No, you may not. Gifts to relatives are never a tax deductible expense. Furthermore, your daughter can't deduct it either, since closing costs are not a home ownership deductible expense.
Reply:"GIFT" is the operative word here.
Reply:No... Regardless of the deductibility of house buying... Maybe in respect to proportioned property tax... Your daughter made the pruchase. If there are any deductions to take, they would be hers.





On top of that, if you gifted her more than $12,000 you may have gift tax ramifications.





Oh yeah. Go Huskers!
Reply:You need to speak with your CPA there are many factors that come into play here,