- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Get your taxes done using TurboTax
Gifts received are not reported on a tax return, regardless of the amount received.
Unless he has gifted over $12.92 million (2023) in his lifetime there will be no federal gifts taxes to pay. However, if the gift given is over $17,000 (2023) to any individual he is required file an IRS Form 709 to report the gift(s) given. The Form 709 is a separate IRS form and is not included with his tax return. It is mailed to a separate IRS address then the return.
Go to this IRS website for the Form 709 (2022) - https://www.irs.gov/forms-pubs/about-form-709
TurboTax does not support IRS Form 709.
‎July 29, 2023
12:00 PM