Can I claim a claim a gift deduction for may client is over 70, took a 82k withdrawal for her IRA and gifted to her daughter to purchase her home . how to claim the ded.

Forum|Forum|6 years ago
March 9, 2020
4 replies
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ProSeries Professional

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Best answer by dd4vols

and... btw. the 82K withdrawal... will show up on a 1099-R.. and be taxable to your client.

Just-Lisa-Now-

Intuit Community Champion

Gifts are not deductible, sorry.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

abctax55

Level 15

There is no INCOME tax deduction for gifting.

Gifting reduces ones estate for future estate taxes.

$ 82000 will require the preparation of a gift tax return, unless there are numerous recipients of the gift.

HumanKind... Be Both

dd4vols

Answer

Intuit Community Champion

and... btw. the 82K withdrawal... will show up on a 1099-R.. and be taxable to your client.

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IRonMaN

Level 15

Of course you can claim it, but deducting it is a completely different story. Hopefully the money wasn’t pulled out because someone told the client it was deductible.

Slava Ukraini!

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