topic do i need to report 20000 cash gift to adult child in Get your taxes done using TurboTax

do i need to report 20000 cash gift to adult child

amy — Mon, 02 Mar 2026 19:25:21 GMT

Re: do i need to report 20000 cash gift to adult child

xmasbaby0 — Mon, 02 Mar 2026 19:26:37 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 ($19,000 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

Here's a link for Form 709 preparation software:

https://www.puritas-springs.com/product-category/federal

Here are some useful videos on the Form:

https://www.youtube.com/watch?v=a5wJow5h-No

https://www.youtube.com/watch?v=5Z_28sVOrTY

Re: do i need to report 20000 cash gift to adult child

Mike9241 — Mon, 02 Mar 2026 19:29:18 GMT

if in 2025, you need to file a gift tax return because the amount gifted to one person was over the exclusion amount of $19,000

https://www.irs.gov/forms-pubs/about-form-709

Re: do i need to report 20000 cash gift to adult child

DoninGA — Mon, 02 Mar 2026 19:29:20 GMT

No, you do not report the gift given on a tax return. Since the amount given is greater than $19,000 you must report the gift on IRS Form 709. Form 709 is not included in TurboTax nor is it filed with your tax return. It is a stand-alone form that is completed by you and then mailed to the IRS.

Go to this IRS website for the Form 709 - https://www.irs.gov/forms-pubs/about-form-709