I made a gift to my daughter of $150,000 this year so she could purchase a home. It is my understanding that she has no tax consequences as the recipient and I should have no tax consequences as this is less than the millions of dollars allowed prior to having to pay taxes (this is my first gift). I believe I have to submit a form 709 to the IRS also. Will this be done when I fill out my taxes or do I need to send it in separately? If separately do I need to report it on my tax return? Let me know. Thanks for your help.
