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Deductions & credits
Gifts given to individuals are never deductible. Only donations to charity can be deducted, and only if you itemize deductions. But if you gave a gift worth $17,000 or more to your friend you will need to complete a gift tax form 709.
TurboTax does not support Form 709, but you can download it from the IRS website and fill it out per the Form 709 instructions.
**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.**
‎September 16, 2023
2:40 PM