Gifts are not taxable to the recipient. You do not report them on your tax return.
Gifts are not deductible for the donor. The gift exclusion is $14,000 per donor to each donee. If the gifts exceed this limit, the donor has to file a gift tax return (form 709). There is generally no tax to pay as there is a lifetime exclusion $5.5 million for each donor.
Form 709 is not supported by TurboTax.
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