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Christinq1028
Level 2
April 10, 2024
Solved

My client won 2 Million in Lottery winning he gifted money to children can this deduct his income? Report of 709 I know but does this deduct his taxable income?

  • April 10, 2024
  • 3 replies
  • 20 views

My client bought cashier checks and gifted to his children in the amounts of 20,000 and 17,000 

    This topic has been closed for replies.
    Best answer by sjrcpa

    Gifts are not deductible.

    3 replies

    sjrcpa
    sjrcpaAnswer
    Level 15
    April 10, 2024

    Gifts are not deductible.

    The more I know the more I don’t know.
      BobKamman
      BobKamman
      Level 15
      April 10, 2024

      No

        qbteachmt
        qbteachmt
        Level 15
        April 10, 2024

        "in the amounts of 20,000"

        Exceeds the 2023 gift limit, if that was given to just one person and if the giver/winner is the one person.

        Sometimes life is not a tax deduction.

        Don't yell at us; we're volunteers
        C
        Christinq1028Author
        Level 2
        April 10, 2024

        That is exactly what I told the client but "someone" told them it was. I asked them where the information came from and who did they get that information from. These days there is so much information out on social media making our job that more complicated!

        IRonMaN
        IRonMaN
        Level 15
        April 10, 2024

        Tell them to quit taking tax advice from their barber.  After winning the lottery they should be able to afford to pay a plumber for tax advice😜

        Slava Ukraini!
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