Your mother would report a sale of stock on her individual income tax return. You an follow the steps below to enter her investment sale.
If the gifted interest is greater than $18,000 in 2024, then a gift tax return must be filed even if there is no gift tax due to the lifetime exclusion amount.
- The lifetime gift/estate tax exemption was $13.61 million in 2024.
To enter your sale in TurboTax, follow these steps.
- Open or continue your return.
- Navigate to the investment sales section:
- TurboTax Online/Mobile: Go to investment sales. If using this application, make sure it is open
- TurboTax Desktop: Search for investment sales and then select the Jump to link.
- Or Personal Tab > Continue > I'll choose what I work on > Scroll to Investment Income > Select Stocks, Cryptocurrency, Mutual Funds, Bonds, Other
- Answer Yes to the question Did you sell any of these investments in 2024?
- If you land on the Investment sales summary or Your investments and savings screen, select Add More Sales or Add investments.
- Click this link for more information. Where do I enter Investment Sales?
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