topic Do I need to report a monetary gift my father gave me last year? in Get your taxes done using TurboTax

Do I need to report a monetary gift my father gave me last year?

heathermiller309 — Tue, 10 Feb 2026 09:45:54 GMT

I received the gift on 12/28/23 and used it all to pay off credit card debt.

Re: Do I need to report a monetary gift my father gave me last year?

xmasbaby0 — Sun, 21 Jan 2024 18:29:06 GMT

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

Re: Do I need to report a monetary gift my father gave me last year?

Bsch4477 — Sun, 21 Jan 2024 18:29:18 GMT

Gifts are not taxed and the recipient doesn’t have to report it. If over $17,000 the giver should report on form 709.

Re: Do I need to report a monetary gift my father gave me last year?

ee-ea — Sun, 21 Jan 2024 18:33:18 GMT

Assuming you both are US citizens. You do not have any tax reporting. Depending on the amount he might have gift tax.