MinhT1
Employee Tax Expert

Deductions & credits

The gift is not taxable for your daughter. She does not need to report it.

 

As for you, as the gift exceeds the annual gift exclusion of $15,000 ($30,000 if both spouses donate), you have to file a gift tax return (form 709). Form 709 is not supported by TurboTax.

 

You can print out a form 709 here.

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