Yes, but you need to consider how to make the child a beneficiary. Being a minor means the child can’t inherit the account outright; you’ll need to name a custodian who manages the account until the child reaches the age of majority in your state. Alternatively, you can leave the account to a trust you set up, with the child as the trust’s beneficiary. It’s wise to speak with a knowledgeable advisor to determine the better way for you.
Costs that are not currently deductible and that are added to the basis of property. A capital expense generally increases the value of property. When added to depreciable property, the cost is deductible over the life of the asset.