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Business & farm
A gift is not a taxable event unless the gift is extremely large, or you have used up your lifetime exemption.
If the gift exceeds the annual exclusion ($18,000 per person per donee for 2024, $19,000 per person per donee), then a gift tax return (Form 709) should be filed with the IRS.
See https://www.irs.gov/instructions/i709#en_US_2024_publink16784xd0e649
TurboTax does not support Form 709. You may want to seek guidance from a local professional.
March 13, 2025
11:29 AM