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jwgamble
New Member

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?

2 Replies
VolvoGirl
Level 15

Is a personal property transfer transfer considered a deduction

No.

DoninGA
Level 15

Is a personal property transfer transfer considered a deduction

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.

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