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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.

CHASSOCIATES
Level 2
 
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dd4vols
Level 9

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-
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.

Former Chump..oops..AllStar...I used to be a people person, then people ruined it


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dd4vols
Level 9

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

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.

ACME Taxes, Tatoos, Tires and Tomatoes (I had to get rid of the turtles - they kept running away)