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Old 01-03-2005, 11:23 AM
Junior Member
  
Join Date: Jan 2005
Posts: 2

Cash gift

What is the name of your state?What is the name of your state? Maryland


I have given my brother $100,000 dollars as a gift to put a down payment in his new house this year. Can I report this on my tax and if so, can this be considered tax deductible? Will he pay taxes on the amount I have given him? How much deduction can I get on my tax? My financial planner is away on vacation and I couldn't get a hold of him so I thought may be by posting a message, I will get some answers quick.

Thank you in advance for your help.

Sisterlove
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Old 01-03-2005, 06:21 PM
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Join Date: Aug 2003
Posts: 1,848
No, you do not report this on your regular 1040 tax return. You will have to file a gift tax return, however no tax will be due. It will reduce the amount of your tax-free overall estate when you die.

You do not get a tax deduction for gifts to an individual.

Snipes
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