ErnieS0
Expert Alumni

Get your taxes done using TurboTax

@Anonymous You do not have to file a gift tax return. For 2018, 2019, 2020 and 2021, the annual exclusion is $15,000 per person.

 

There is no proof required of a gift. You may want create a document recording the amount of the gift, date and value, e.g. you could send your parents a letter specifying that amount you gave to each and retain a copy for yourself.

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