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Where do I deduct?

Written by mnmobiletax on . Posted in Wayne's Tax Talk.

I gave $10,000 each to my three grandkids. I was told that I should be able to deduct this. Where do I deduct it?

Answer: You don’t. Gifts to individuals, regardless of who they might be, are not deductible at all. You can only take a deduction for contributions to qualified charities.