topic Form 709 in Get your taxes done using TurboTax

Form 709

mckaint — Thu, 06 Feb 2025 17:42:34 GMT

Filing a 709 splitting the gift, and since the gift exceeds the combined exclusion amount I believe my spouse is required to separately file. Does the return mirror my return and we exchange consent forms?

Re: Form 709

xmasbaby0 — Thu, 06 Feb 2025 17:45:41 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 ($18,000 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.

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: Form 709

mckaint — Thu, 06 Feb 2025 20:21:57 GMT

Understand the reply however, the question is how do we complete the separate individual returns? Exactly the same on each with consent statements or split the amounts between the two forms?