Answered: Re: 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.

CHASSOCIATES · ‎03-08-2020

dd4vols · ‎03-08-2020

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

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Just-Lisa-Now- · ‎03-08-2020

Gifts are not deductible, sorry.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

abctax55 · ‎03-08-2020

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 · ‎03-08-2020

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

If an answer solves your issue, click on the "Accept as Solution" button! Makes it easier for people to find answers to similar questions that have already been posted.

IRonMaN · ‎03-08-2020

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!

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.

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