M-MTax
Level 12
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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.

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