No, the gift tax return is not an income tax form so it is not in TurboTax.
<a rel="nofollow" target="_blank" href="
https://www.irs.gov/pub/irs-pdf/f709.pdf">https://www.irs.gov/pub/irs-pdf/f709.pdf</a>
<a rel="nofollow" target="_blank" href="
https://www.irs.gov/pub/irs-pdf/i709.pdf">https://www.irs.gov/pub/irs-pdf/i709.pdf</a>
Also, keep in mind that if paying off the mortgage includes tax deductible interest and your parents pay it directly then unless their name is on the mortgage, they cannot deduct it since they are not legally obligated to pay it and you cannot deduct it because you did not pay it. If they give the money to you and you pay the mortgage then it was you that paid it with your money.
Either way it is a gift from your parents, but once the money is given to you, you can do anything you want with it including paying the mortgage, then the mortgage payment would all be in your name. Having your parents pay it directly could also affect your credit score since the mortgage would not report to the credit agencies that you paid the mortgage.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
