You'll need to sign in or create an account to connect with an expert.
A gift giver would be required to file a Form 709 Gift tax return if he/she gives over $14,000 to any single individual. Even then, the gifting will not be taxable until the sum total of all gifts exceeds the lifetime limit of $5,490,000
See the following:
A gift giver would be required to file a Form 709 Gift tax return if he/she gives over $14,000 to any single individual. Even then, the gifting will not be taxable until the sum total of all gifts exceeds the lifetime limit of $5,490,000
See the following:
DOES TURBO PROVIDE FORM 709 ?
No. A gift tax return is separate from income tax filing. The form is not available from TurboTax.
https://www.irs.gov/pub/irs-pdf/f709.pdf
"Gift Tax" is somewhat of a misnomer. Even though a gift tax return may be required, very few people ever actually pay federal gift tax. The purpose of the gift tax return is usually only to document a reduction in the allowable estate tax exemption.
See https://turbotax.intuit.com/tax-tools/tax-tips/Tax-Planning-and-Checklists/The-Gift-Tax-Made-Simple/...
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
NelehCr0z
Returning Member
chinyen28
Level 1
osgood53
New Member
NeUnhappy
New Member
slowreader
Level 4
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.