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

[xmasbaby0]

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-...

[DoninGA]

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

[whyarewehere0]

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.