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Get your taxes done using TurboTax
Unless you have gifted over $12.92 million dollars during your lifetime as of 2023 there will not be any gift taxes owed.
However, if the gift in 2023 is over $17,000 to a single individual during the tax year then you are required to report the gift given to the IRS using Form 709.
Form 709 is not supported by TurboTax. The form is mailed to the IRS separately form your tax return to the IRS address noted in the Form instructions.
IRS Form 709 for tax year 2022 - https://www.irs.gov/forms-pubs/about-form-709
The IRS Form 709 for tax year 2023 will be usually available in late December or in January of 2024.
‎September 6, 2023
3:35 PM