You'll need to sign in or create an account to connect with an expert.
Right.....annual exclusion is $15k per person.
Right. It does not get reported on anyone's tax return. And she wouldn't be taxed anyway. If someone gives more than $15,000 to any one person per year, the giver might have to file a gift tax return form 709 to deduct the gift off their lifetime 5.43 million dollar exclusion but there won't be any taxes due.
And actually it is 15,000 per person for 2019. So she could give you 15,000 and your wife 15,000. And if she is married her husband can give you each another 15,000. So a grand total of 60,000 per year. Don't know what the limit is for 2020 or 2021. It might be more.
That is correct. The amount is $15K to each person per year that can be gifted without having to complete a gift tax form 709. There is not actual tax to pay on the gift unless the amounts of gifts exceed a lifetime limit of over $11million.
GIFTS
Money that you receive as a gift is not taxable income to you, and you do not need to report it on your income tax return. Money that you gave as a gift to someone else is not deductible for your taxes.
Turbo Tax does not support the gift tax form 709, but here is a link:
https://www.irs.gov/pub/irs-pdf/f709.pdf
https://turbotax.intuit.com/tax-tips/estates/the-gift-tax-made-simple/L5tGWVC8N
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
edoug123-
New Member
shiyi11
Level 2
ruth21152
New Member
taxitaxtax
New Member
JGB-33AD
New Member
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.