CHASSOCIATES
Level 2
 
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Just-Lisa-Now-
Level 15
Level 15

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.

"*******Tax software is no substitute for a professional tax preparer*******
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dd4vols
Level 10
Level 10

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.


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