My client won 2 Million in Lottery winning he gifted money to children can this deduct his income? Report of 709 I know but does this deduct his taxable income?

[Christinq1028]

My client bought cashier checks and gifted to his children in the amounts of 20,000 and 17,000 

[sjrcpa · Accepted solution]

Gifts are not deductible.

[BobKamman]

No

[qbteachmt]

"in the amounts of 20,000"

Exceeds the 2023 gift limit, if that was given to just one person and if the giver/winner is the one person.

Sometimes life is not a tax deduction.

[Christinq1028]

That is exactly what I told the client but "someone" told them it was. I asked them where the information came from and who did they get that information from. These days there is so much information out on social media making our job that more complicated!

[IRonMaN]

Tell them to quit taking tax advice from their barber.  After winning the lottery they should be able to afford to pay a plumber for tax advice😜