I gave a financial gift of $10,000 to a family member. Can I count that as a deduction?

Gifts given to an individual are not reported on nor deductible on a federal tax return.  Gifts received from an individual are not reported on a federal tax return, regardless of the amount received.

If the amount of the gift to a single individual in a year is greater than $14,000 then a Gift tax return, Form 709, has to be filed with the IRS by the giver of the gift.

We will owe capital gains on our house in 2022 because we sold our house before the 2 year exclusion. How can we reduce the amount of taxes we owe.

Since you lived in the home less than two years, you may qualify for one of the exceptions. For further information and examples, see IRS Publication 523, Selling Your Home.

If you will owe, you need to either withhold the extra at work or make estimated payments so that you will owe less than $1,000 at tax time. See Form 1040-ES, Estimated Tax for Individuals. 

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