Solved: My client over 65 took a 110k withdrawal from they IRA and gifted 70k to their son how do I show the deduction on the return for the gift?

taxgal812 · ‎12-07-2019

Do I have to file a 709 gift tax return

Happy-Tax · ‎12-07-2019

Gift tax return required? Yes.

Deduction on the client's return for the $70K given to the son? Nope. Your client will end up eating the tax on the $110K (unless his son is the Pope or a televangelist).

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Happy-Tax · ‎12-07-2019

Gift tax return required? Yes.

Deduction on the client's return for the $70K given to the son? Nope. Your client will end up eating the tax on the $110K (unless his son is the Pope or a televangelist).

Just-Lisa-Now- · ‎12-07-2019

Nope, no deductions for gifts! And yes, now a gift tax return is required.

Hopefully your client didn't call and ask you about this prior to doing it and you told him it was deductible.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

itonewbie · ‎12-07-2019

By the past tense used in the question, sounds like it's the normal fare of done it, now what?

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My client over 65 took a 110k withdrawal from they IRA and gifted 70k to their son how do I show the deduction on the return for the gift?

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