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Get your taxes done using TurboTax
If you receive a gift from an individual it is not reported on your federal tax return, regardless of the amount received.
The giver of the gift does not report the gift given to an individual on their federal tax return. If the gift given to an individual is greater than $14,000 in a year then the gift giver must file an IRS Form 709 United States Gift (and Generation-Skipping Transfer) Tax Return. There would be no taxes owed on the gift if the total amount of gifts given in their lifetime is less than $5.45 million.
TurboTax does not support Form 709
Form 709 - https://www.irs.gov/pub/irs-pdf/f709.pdf
Form 709 instructions - https://www.irs.gov/pub/irs-pdf/i709.pdf
‎June 6, 2019
7:39 AM