Yes, you can give your friend a gift of up to $18,000 in 2024 with no tax consequence.
- This is a gift from one individual to another individual.
- You can make similar gifts to multiple individuals.
- A gift is reported on IRS Form 709.
- TurboTax does not support Form 709.
- The Form 709 is not included with a federal tax return. It has to be mailed separately and to a different address.
- There is also a lifetime exemption of $13.61. million.
Please see this article on Frequently Asked Questions on Gift Taxes als0 the TurboTax article The Gift Tax Made Simple
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