My wife and I recently sold a rental house for cash at a substantial gain. Can we decrease the resulting capital gains for 2021 by gifting cash to our two kids ($15,000 from each parent to each kid = $30,000 x 2=$60,000)?
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No, you cannot decrease your capital gain (nor depreciation recapture on the rental) by gifting part, or all, of your proceeds from the sale.
Further, gifts to private individuals are not tax deductible.
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