@pelliott wrote:
If I give my daughter *80,000 as a gift, does that come off of my reportable income?
No. Gifts given are not reported on a tax return. If the gift given in 2022 is more than$16,000 you are required to report the gift to the IRS on a Form 709. The Form is filed separately from your federal tax return and is mailed to the IRS. If the total of all gifts ever given is less than $12 million then you will not have any taxes owed on the gift given.
TurboTax does not support Form 709.
Go to this IRS website for Form 709 (2021) - https://www.irs.gov/pub/irs-pdf/i709.pdf
