Question

If I provided a monetary gift to my child from the sale proceeds of my home, do I get to deduct this amount from my taxable income

Forum|Forum|1 year ago
March 10, 2025
2 replies
0 views

This home was my primary residence I owned for 20+ years

No.

Gifts given to family members, friends or other individuals are not deductible. Gifts received are not taxable to the person who received the gift, and are not entered on a tax return.

If your gift exceeds the yearly limit ($18,000 per individual) imposed by the gift tax rules, then you will need to complete a Form 709 gift tax form and send it to the IRS, although it is very unlikely that you will owe any tax.

TurboTax does not support Form 709. It is not an income tax form and would not be included as part of an income tax return.

Here is a link to the form:

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

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

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

X

xmasbaby0

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 Premium software to report the 1099-S

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

DoninGA

Gifts given and gift received are not reported on a tax return.

If the amount of the gift give to a single individual is $18,000 or more then you are required to complete and file an IRS Form 709. You will not owe any gift taxes if the total of all gift give is less than $13,61 million.

TurboTax does not support Form 709. The Form 709 is mailed separate from your tax return to the address noted in the form 709 instructions.

IRS Form 709 - https://www.irs.gov/forms-pubs/about-form-709