topic My husband's parents had a college account that they closed and gave us the money which was over $14,000. Do we pay a gift tax on that? in Get your taxes done using TurboTax https://ttlc.intuit.com/community/taxes/discussion/my-husband-s-parents-had-a-college-account-that-they-closed-and-gave-us-the-money-which-was-over-14/01/396882#M163900 Tue, 04 Jun 2019 19:44:54 GMT Anonymous 2019-06-04T19:44:54Z My husband's parents had a college account that they closed and gave us the money which was over $14,000. Do we pay a gift tax on that? https://ttlc.intuit.com/community/taxes/discussion/my-husband-s-parents-had-a-college-account-that-they-closed-and-gave-us-the-money-which-was-over-14/01/396882#M163900 Tue, 04 Jun 2019 19:44:54 GMT https://ttlc.intuit.com/community/taxes/discussion/my-husband-s-parents-had-a-college-account-that-they-closed-and-gave-us-the-money-which-was-over-14/01/396882#M163900 Anonymous 2019-06-04T19:44:54Z Gifts are not taxable to the recipient. You do not report... https://ttlc.intuit.com/community/taxes/discussion/gifts-are-not-taxable-to-the-recipient-you-do-not-report/01/396891#M163902 <P>Gifts are not taxable to the recipient. You do not report them on your tax return.</P><P>Gifts are not deductible for the donor. The gift exclusion is $14,000 per donor to each donee. If the gifts exceed this limit, t<U>he donor</U> has to file a gift tax return (form 709). There is generally no tax to pay as there is a lifetime exclusion $5.5 million for each donor.</P><P>Form 709 is not supported by TurboTax. <BR /></P> Tue, 04 Jun 2019 19:44:55 GMT https://ttlc.intuit.com/community/taxes/discussion/gifts-are-not-taxable-to-the-recipient-you-do-not-report/01/396891#M163902 MinhT 2019-06-04T19:44:55Z