Gifts are not deductible. If you receive money and pay tax on it, and then give some money, you also can't deduct the tax on the money. The gift is completely separate from how you got the money in the first place.
You must report gifts of more than $19,000 per person per year on form 709. This is filed separately from your tax return and is not supported by Turbotax. However, you don't owe gift tax unless your total of lifetime gifts is more than about $14 million.
If you are trying to distribute an inheritance or something, give us more details and we may be able to suggest other ways of doing it. But gifts themselves are not deductible.
There’s no deduction for the one who gives a gift and there is no tax liability for the recipient.
Gifts are not deductible. If you receive money and pay tax on it, and then give some money, you also can't deduct the tax on the money. The gift is completely separate from how you got the money in the first place.
You must report gifts of more than $19,000 per person per year on form 709. This is filed separately from your tax return and is not supported by Turbotax. However, you don't owe gift tax unless your total of lifetime gifts is more than about $14 million.
If you are trying to distribute an inheritance or something, give us more details and we may be able to suggest other ways of doing it. But gifts themselves are not deductible.