Same question but in more detail and with a reference below. Your answer to the previous question was that you may need to file a form (can't recall the number). Can you please be more specific regarding when you would need to file the form. In the link below the federal gift tax exemption is $11.7 Million.
Are you asking about federal Form 709 for gifts?
Gifts given to family members, friends or other individuals are not deductible. Gifts received are not taxable to the person who received the gift, and are not entered on a tax return.
If your gift exceeds the yearly limit ($17,000 per individual) imposed by the gift tax rules, then you will need to complete a Form 709 gift tax form and send it to the IRS, although it is very unlikely that you will owe any tax. In 2024 that yearly limit will increase to $18,000.
TurboTax does not support Form 709. It is not an income tax form and would not be included as part of an income tax return.
Here is a link to the form:
https://www.irs.gov/pub/irs-pdf/f709.pdf
https://turbotax.intuit.com/tax-tips/estates/the-gift-tax-made-simple/L5tGWVC8N
@PeteDotsey wrote:
......In the link below the federal gift tax exemption is $11.7 Million......
There is a lifetime gift tax exemption, which is currently $13.61 million for 2024, and an annual gift tax exclusion, which is currently $18,000 for 2024.
If you gift any one individual more than $18,000 for the 2024 calendar year, you would typically be required to file a gift tax return (Form 709) to report the gift to the IRS.
However, you would not typically have any tax liability until your lifetime gifts surpass $13.61 million.