Gifting to adult children - assuming this would be...
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New Member

Gifting to adult children - assuming this would be an entry in my Turbo Tax preparations?

 
3 Replies
Level 15

Gifting to adult children - assuming this would be an entry in my Turbo Tax preparations?

Nope.  Gifts to your children are not deductible, nor are they taxable for the children who received the money.

 

Money that you receive as a gift is not taxable income to you, and you do not need to report it on your income tax return.  Money that you gave as a gift to someone else is not deductible for your taxes.

 

Turbo Tax does not support the gift tax form 709, but here is a link:

https://www.irs.gov/pub/irs-pdf/f709.pdf

 

https://turbotax.intuit.com/tax-tips/estates/the-gift-tax-made-simple/L5tGWVC8N

 

https://www.forbes.com/sites/ashleaebeling/2017/10/19/irs-announces-2018-estate-and-gift-tax-limits-...

**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.**
Level 15

Gifting to adult children - assuming this would be an entry in my Turbo Tax preparations?

Gifts given to an individual are not reported on a tax return.

Gifts received from an individual are not reported on a tax return, regardless of the amount received.

 

If the gift given to a single individual during the year is greater then $15,000 then the giver of the gift must complete an IRS Form 709 to report the gift given.  There would not be any gift taxes if the total of all gifts ever given is less than $11.4 million (2019).

 

TurboTax does not support IRS Form 709

IRS Form 709 - https://www.irs.gov/forms-pubs/about-form-709

New Member

Gifting to adult children - assuming this would be an entry in my Turbo Tax preparations?

Thanks xmasbaby0 for the response.

 

Based on these conditions the IRS has laid out therefore, I'm wondering why even file Form 709?  Hitting the max of $11M is a tall order.

 

Again, TY.

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