Tax deductions

[Smalto723]

I've donated $15,000 over the course of the year to a family member. To help out. Can I claim this as a deduction?

[Anonymous_]

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@Smalto723 wrote:

I've donated $15,000 over the course of the year to a family member. To help out. Can I claim this as a deduction?

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Not only can you not claim the gift as a deduction, you may have to file a (Form 709) gift tax return since you exceeded the annual gift exclusion of $15,000 to one individual.

See https://www.irs.gov/instructions/i709

[xmasbaby0]

Money that you receive as a gift is not taxable income to you, and you do not need to report it on your income tax return.  Money that you gave as a gift to someone else is not deductible for your taxes.

Turbo Tax does not support the gift tax form 709, but here is a link:

https://www.irs.gov/pub/irs-pdf/f709.pdf

https://turbotax.intuit.com/tax-tips/estates/the-gift-tax-made-simple/L5tGWVC8N

https://www.forbes.com/sites/ashleaebeling/2017/10/19/irs-announces-2018-estate-and-gift-tax-limits-...

[Hal_Al]

"Gift Tax" is somewhat of a misnomer.  Even though a gift tax return may be required, very few people ever actually pay federal gift tax. The purpose of the gift tax return is usually only to document a reduction in the allowable estate tax exemption.

For more info, see https://turbotax.intuit.com/tax-tools/tax-tips/Tax-Planning-and-Checklists/The-Gift-Tax-Made-Simple/...

[TomD8]

A gift to an individual is NOT deductible as a charitable donation.  In order to be deductible as a charitable donation, the gift must be made to a qualified organization.  See this IRS reference for details: https://www.irs.gov/charities-non-profits/charitable-organizations/charitable-contribution-deduction...