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Get your taxes done using TurboTax
If this is a gift to you, not requiring repayment of the funds received, then you do not report the gift received from an individual on your tax return, regardless of the amount received.
The individual giving the gift must report the gift given if over $14,000 using IRS Form 709, United States Gift (and Generation-Skipping Transfer) Tax Return. If the individual has not given gifts totaling over $5.45 million in their lifetime there will be no gift taxes owed.
TurboTax does not support IRS Form 709.
IRS Form 709 - https://www.irs.gov/pub/irs-pdf/f709.pdf
IRS Form 709 instructions - https://www.irs.gov/pub/irs-pdf/i709.pdf
‎June 3, 2019
4:23 PM