1814reyes
New Member

Gift to dependent adult child

I would like to give $45,000 to each of my dependent children this year.  Do I have to complete a gift tax form?

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Yes, you would have to file a Form 709 for any gift given to a single individual if the amount of the gift given during the tax year is $15,000 or more.

Gifts given or received are not reported on a personal federal tax return, Form 1040.

TurboTax does not support IRS Form 709

 

IRS Form 709 - https://www.irs.gov/forms-pubs/about-form-709

1814reyes
New Member

Get your taxes done using TurboTax

So dependents are not exempt?  My sons are full time college students.

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@1814reyes wrote:

So dependents are not exempt?  My sons are full time college students.


No, gifts to anyone other than your spouse have to be reported on a Form 709 if the amount of the gift meets the reporting threshold.