Donations

[AJDoering]

We gave our daughter $150k from our trust investments to purchase a home in 2021. I believe there is a form to defer the tax to her when she receive the full amount of the trust (orsomething like that.) I can't find such a form on IRS. Can you help me? Thanks.

Judy

[MinhT1]

The gift is not taxable for your daughter. She does not need to report it.

As for you, as the gift exceeds the annual gift exclusion of $15,000 ($30,000 if both spouses donate), you have to file a gift tax return (form 709). Form 709 is not supported by TurboTax.

You can print out a form 709 here.