Gifting cash from sale of land - Capital Gains

I sold some recreational property and gifted some of the cash profit to my children.

Can I deduct that gifted amount from the total of the capital gain that I made from the sale?

For example - paid $100k for property sold for $200k made $100k gifted $50k

Capital gain $50k and taxed on $25k?????

Thanks

557

Moderator

Jan 20, 2020 12:36:27 PM

No. Your capital gains would be based on the amount you paid for the property what you got when you sold it. What you do with the proceeds from the sale has nothing to do with it.

Also gifts are not tax deductible unless you are giving to a registered charity.

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Gifting cash from sale of land - Capital Gains