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8EPJ
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I gave property to my daughter in 2021 worth $35,000. I filed my tax with TurboTax but this question was not asked. Should I file an amended return?

 
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3 Replies

I gave property to my daughter in 2021 worth $35,000. I filed my tax with TurboTax but this question was not asked. Should I file an amended return?

You gave a gift in excess of $16K  which needs to have a form 709 Gift Tax return filed ...   this  is not handled in any of the TT programs  thus nothing was ever asked about it in the TT interview. 

 

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

I gave property to my daughter in 2021 worth $35,000. I filed my tax with TurboTax but this question was not asked. Should I file an amended return?

You almost certainly need to file a gift tax return (Form 709) as the gift exceeds the 2021 annual exclusion of $15,000.

 

See https://www.irs.gov/instructions/i709#en_US_2021_publink16784xd0e314

 

Note that you will not have to pay gift tax unless your total lifetime gifts exceeded $11,700,000 (in 2021) and also that TurboTax does not support the preparation and filing of Form 709.

 

You also might want to seek professional tax (and possibly legal) guidance for this matter. 

rjs
Level 15
Level 15

I gave property to my daughter in 2021 worth $35,000. I filed my tax with TurboTax but this question was not asked. Should I file an amended return?

You don't report a gift that you gave on your income tax return. The question was not asked because you do not put the gift on your tax return. So there is no reason to file an amended return. (Also, your daughter does not report the gift on her tax return. It is not taxable income to her.)


As others have said, you do have to file a gift tax return, Form 709. That is separate from your Form 1040 income tax return. The gift tax return is filed by the giver, not the recipient.

 

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