topic Gift tax in Get your taxes done using TurboTax

Gift tax

tomwozniak1950 — Tue, 08 Sep 2020 14:38:45 GMT

I want to gift my 3 children $50,000.00 each. Do I or they have to pay any taxes on it?

Re: Gift tax

Anonymous_ — Tue, 08 Sep 2020 14:45:07 GMT

@tomwozniak1950 wrote:

I want to gift my 3 children $50,000.00 each. Do I or they have to pay any taxes on it?

Probably not since you can use the lifetime exemption of $11.58 million (for 2020), but you will have to prepare and file Form 709 if you give more than $15,000 to any one donee.

See https://www.irs.gov/instructions/i709#idm140554801429376

Re: Gift tax

DoninGA — Tue, 08 Sep 2020 14:46:21 GMT

No, the receiver of a gift from another individual is not reported on a tax return.

You have to report the gift given to an individual if the gift given is greater than $15,000 on IRS Form 709. There will not be any gift taxes owed if the total of all your gifts ever given is less than $11.4 million.

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

TurobTax does not support IRS Form 709