- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Is a personal property transfer transfer considered a deduction
I have transferred a gun collection to my three grandchildren, does this qualify as a deduction?
Topics:
March 21, 2021
2:30 PM
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Deductions & credits
That would be a gift given to an individual and gifts are not reported on a tax return. Gifts received are not reported on a tax return, regardless of the amount received.
If the gift given to an individual is more than $15,000 then you would be required to report the gift given on IRS Form 709.
March 21, 2021
2:33 PM