Gifting

[Renee50]

If I gifted an ex 40K+ from the sale of a home in Aug 2022 that his name wasn't on, can I claim as a donation/contribution?
Do I need to file a certain form and/or provide him with a form?

[xmasbaby0]

No, you cannot deduct a gift to your ex-spouse as a donation.  But if that was truly a gift and not something ordered in your divorce settlement, you will have to prepare a form 709 gift tax form--although you will not owe gift tax.

GIFTS

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

[Renee50]

Thanks for the reply.  He was an ex-fiance' not spouse and it was truly a gift.  Do I still need the 709 form and would it make a difference when I note the proceeds from the sale of the home? 

[xmasbaby0]

Yes you still have to prepare form 709.   What you did with the proceeds of selling your home has no bearing on whether you owe capital gains.

If your gain was more than  $250,000 filing Single, or more than $500,000 filing Married Filing Jointly the sale must be reported on your tax return.  Whether you re-invested the gain in to another house is irrelevant.  If you  have a Form 1099-S go to Federal>Wages and Income>Less Common Income>Sale of Home (gain or loss)

If you owned and lived in the home as your primary residence for at least 2 of the last 5 years on the date of the sale, you do not have to report the home sale if the gain is less than $250K filing Single, or less than $500K filing Married Filing Jointly (and you both owned and lived in the home for at least 2 years).

• If you are using online TT, you need Premier or Self-Employed software to report the 1099-S