3690235
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Can I deduct taxes on money that is gifted to family members?

 
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Best answer

Accepted Solutions
Opus 17
Level 15
Intuit Approved! This answer has been verified for accuracy by an Intuit expert employee

Can I deduct taxes on money that is gifted to family members?

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.

https://www.irs.gov/businesses/small-businesses-self-employed/frequently-asked-questions-on-gift-tax...

 

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. 

View solution in original post

2 Replies

Can I deduct taxes on money that is gifted to family members?

There’s no deduction for the one who gives a gift and there is no tax liability for the recipient. 

Opus 17
Level 15
Intuit Approved! This answer has been verified for accuracy by an Intuit expert employee

Can I deduct taxes on money that is gifted to family members?

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.

https://www.irs.gov/businesses/small-businesses-self-employed/frequently-asked-questions-on-gift-tax...

 

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. 

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question