A gift of equity of any size is not reported on your income tax return.
If the gift had a value of $14,000 or less, the gift is not taxable to you or to the recipient.
If the gift was worth more than $14,000, you must file Form 709: U.S. Gift (and Generation-Skipping Transfer) Tax Return, which is due April 15 of the following year. Even if you do not owe a gift tax because you have not reached the $5.45 million lifetime limit, you are still required to file this form if you made a gift that exceeds the $14,000 annual gift tax exclusion level. The IRS needs to keep a running tab of your lifetime exemption.
Read more about this here: TurboTax
Tax Tips: The Gift Tax
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
