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Get your taxes done using TurboTax
Gifts given to an individual are not reported on nor deductible on a federal tax return. Gifts received from an individual are not reported on a federal tax return, regardless of the amount received.
If the amount of the gift to a single individual in a year is greater than $14,000 then a Gift tax return, Form 709, has to be filed with the IRS by the giver of the gift.
‎June 4, 2019
4:09 PM