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How do I report a monetary gift that was under $10K to an individual ?
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July 2, 2020
8:17 AM
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Get your taxes done using TurboTax
A gift of $10,000 to an individual does not have to be reported since it is under the annual exclusion (for 2020) of $15,000.
July 2, 2020
8:20 AM
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Get your taxes done using TurboTax
GIFTS
Money that you receive as a gift is not taxable income to you, and you do not need to report it on your income tax return. Money that you gave as a gift to someone else is not deductible for your taxes.
Turbo Tax does not support the gift tax form 709, but here is a link:
https://www.irs.gov/pub/irs-pdf/f709.pdf
https://turbotax.intuit.com/tax-tips/estates/the-gift-tax-made-simple/L5tGWVC8N
**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
July 2, 2020
8:24 AM