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posted Apr 12, 2022 10:03:04 AM

Donations

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

 

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1 Replies
Employee Tax Expert
Apr 12, 2022 10:16:01 AM

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.