https://ttlc.intuit.com/community/taxes/discussion/gifts/01/2026766#M730499 <P>I gifted around $7K to my daughter in 2020.&nbsp; How do I reports it on TT and do I get any credits.</P> Thu, 04 Mar 2021 17:20:55 GMT mani6 2021-03-04T17:20:55Z https://ttlc.intuit.com/community/taxes/discussion/gifts/01/2026766#M730499 <P>I gifted around $7K to my daughter in 2020.&nbsp; How do I reports it on TT and do I get any credits.</P> Thu, 04 Mar 2021 17:20:55 GMT https://ttlc.intuit.com/community/taxes/discussion/gifts/01/2026766#M730499 mani6 2021-03-04T17:20:55Z https://ttlc.intuit.com/community/taxes/discussion/re-gifts/01/2026897#M730542 <P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">You do not need to report this on your tax return as a gift and there are no credits for giving a gift.</SPAN></SPAN></P> <P>&nbsp;</P> <P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif">The annual exclusion amount for 2020 was $15,000. Any gift larger than that amount would need to be reported on a Form 709.</SPAN></SPAN></P> <P>&nbsp;</P> <P><SPAN style="font-size:14px"><SPAN style="font-family:Arial,Helvetica,sans-serif"><A href="https://www.irs.gov/businesses/small-businesses-self-employed/frequently-asked-questions-on-gift-taxes" target="_blank">Here</A>&nbsp;is a link to IRS information about gifts.</SPAN></SPAN></P> <P>&nbsp;</P> <P>&nbsp;</P> Thu, 04 Mar 2021 17:39:37 GMT https://ttlc.intuit.com/community/taxes/discussion/re-gifts/01/2026897#M730542 PattiF 2021-03-04T17:39:37Z