Can a gifted amount to help make an unrelated short film, be deducted as a business expense?

Forum|Forum|1 year ago
January 29, 2025
1 reply
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I'm a 1099. Helped get a short film made with a monetary gift. Can I deduct this as a business expense somehow? If its personal expense ,then it becomes useless because the Standard Deduction will just outweigh it.

thanks in advance

TurboTax Home & Biz Windows

xmasbaby0

Employee

Please explain. Who gave the gift? You? Your business? Who received the gift?

Gifts to family members or individuals are not deductible. Only gifts to recognized charities are deductible as donations. Gifts that you received are not entered on your 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.**

Rick168Author

I gave the gift and am the business. The gift was given through an online entity that helps movie makers raise money for production , so it's legit. 9k worth. The filming begins in Feb