Gifted property to sibling

[Shawn1962]

• How do you report gifted home to a sibling with no money transfer on turbo tax?

[M-MTax · Accepted solution]

A gift is not a taxable event unless the gift is extremely large, or you have used up your lifetime exemption.

If the gift exceeds the annual exclusion ($18,000 per person per donee for 2024, $19,000 per person per donee), then a gift tax return (Form 709) should be filed with the IRS.

See https://www.irs.gov/instructions/i709#en_US_2024_publink16784xd0e649

TurboTax does not support Form 709. You may want to seek guidance from a local professional.

[DoninGA]

Gifts given to an individual is not reported on tax return.  Gifts received are not reported on tax return, regardless of the amount received.

If the value of the gift is over $18,000 then you will have to report the gift give on an IRS Form 709.  There will not be any taxes assessed on the gift if the total of all gifts ever given is less than $13,61 million.

Go to this IRS website for the Form 709 - https://www.irs.gov/forms-pubs/about-form-709

The Form 709 is not part of your federal tax return.  The form 709 must be completed and mailed to the IRS using the address that is in the form 709 instructions.

TurboTax does not support Form 709

[M-MTax]

Gifts received are not reported on an income tax return. They may be reportable on a gift tax return (Form 709) but only if the amount of the gift by the donor exceeds $18,000 for the 2024 tax year or $19,000 for the 2025 tax year. 

If you are not familiar with the entire procedure (re Form 709 filing), then your best bet is to seek guidance from a local professional who is familiar with gifting, estates, and trusts. Since the gift here happens to be property (not cash), you will likely need an appraisal of fair market value (or some acceptable proof of FMV).