- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Deductions & credits
Gifts given to an individual are not reported on tax return. Gifts received from an individual are not reported on a tax return.
If a gift given to an individual is greater than $18,000, the giver of the gift has to report the gift to the IRS using Form 709.
There will not be any gift taxes assessed on the gift if all gifts ever given is less than $13 million.
IRS Form 709 is separate from your tax return. It has to be printed and mailed to the IRS using the address that is in the instructions for the form.
IRS website for Form 709 - https://www.irs.gov/forms-pubs/about-form-709
TurboTax does not support Form 709
‎October 30, 2024
11:06 AM