question on gift taxing

[spottedpony]

What is the name of your state (only U.S. law)? Illinois

I have a question regarding gift tax laws. My husband and I have supported our son since college due to his loss of job due to downsizing and ultimate closure of the company. I hadn't thought about the gift tax until I was doing some research regarding my husband's parents estate.

Can we use the money we have given our son this last year and report it as a gift tax? Would this save us any money on our taxes?

thank you
becky

 

[anteater]

Whoa... Your undersanding of gift taxes is way off. You are probably asking if you can claim an exemption for your son as a dependent.

You can read about the requirements at this link:

http://www.irs.gov/publications/p501/ar02.html#en_US_publink100041887