ThomasM
New Member

Deductions & credits

A couple things about gifts.  First, it's the giver of the gift who's liable for any tax, not the recipient.  Second, each individual has a lifetime exemption of (in 2016) $5.45 million he/she can gift without having to pay gift tax.  That's a cumulative total over a lifetime, and winds up excluding the vast majority of folks from the gift tax.

The $14k annual excludable amount isn't counted in the cumulative lifetime gift total.

Here's a link to the TurboTax support page on gift taxes: https://turbotax.intuit.com/tax-tools/tax-tips/Tax-Planning-and-Checklists/The-Gift-Tax/INF12036.htm...

TurboTax Personal Pro was discontinued in late 2015, ending the affiliate program.

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