topic My family member recently gifted my over 15k. She will report the gift on her returns. Will she have to pay any taxes on that gift? in Get your taxes done using TurboTax

My family member recently gifted my over 15k. She will report the gift on her returns. Will she have to pay any taxes on that gift?

dannyc201 — Mon, 07 Dec 2020 17:59:50 GMT

Re: My family member recently gifted my over 15k. She will report the gift on her returns. Will she have to pay any taxes on that gift?

xmasbaby0 — Mon, 07 Dec 2020 18:01:02 GMT

No she will not pay tax unless she has exceeded the lifetime maximum gift amount of over $11 million, but she will need to file a gift tax form.

GIFTS

Money that you receive as a gift is not taxable income to you, and you do not need to report it on your income tax return. Money that you gave as a gift to someone else is not deductible for your taxes.

Turbo Tax does not support the gift tax form 709, but here is a link:

https://www.irs.gov/pub/irs-pdf/f709.pdf

https://turbotax.intuit.com/tax-tips/estates/the-gift-tax-made-simple/L5tGWVC8N

https://www.forbes.com/sites/ashleaebeling/2017/10/19/irs-announces-2018-estate-and-gift-tax-limits-11-2-million-per-couple/#3226e75d4a4b

Re: My family member recently gifted my over 15k. She will report the gift on her returns. Will she have to pay any taxes on that gift?

DoninGA — Mon, 07 Dec 2020 18:01:04 GMT

Duplicate message

Re: My family member recently gifted my over 15k. She will report the gift on her returns. Will she have to pay any taxes on that gift?

xmasbaby0 — Mon, 07 Dec 2020 18:02:52 GMT

And....by the way....she does not report the gift on her income tax return. Gifts to individuals are not deductible. There is no place on a Form 1040 to enter a gift given to someone else unless the gift was to an organized and recognized charity.