Gifting cash from sale of land - Capital Gains

[Click59]

Hi

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

[TurboTaxSusan]

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.