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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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Level 1
 
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Level 8

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

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Level 15
Level 15

Gifts are not deductible, sorry.


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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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.

Former Chump... umm.... AllStar.
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Level 8

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 posed.

View solution in original post

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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.

ex-AllStar, ex-Lutefisk taste taster, ex-ACME product tester
and ex marks the spot where those rocks and anvils hit me.