I've read through other gift tax questions and answers in this forum and I'm pretty sure my question was answered, but just to confirm...
If a parent gives me $60,000 as a gift for just this year, that parent reports it to the IRS using form 709 when filing taxes for year 2021 (or they report $45,000 because the first $15,000 doesn't need to be reported), but neither I nor my parent will have to ever pay taxes on this gift amount because it's under the lifetime limit of $11 million. The IRS only uses the form 709 to track how much money was given to me by this parent over their lifetime.
Please confirm this, thank you!
Also, if anyone has a link to where the IRS states this on their website, that would be great as well.
