Where do I list cash gifts to children on my 1040 return?

[richgs]

Allowed to gift a maximum to a child of $19,000/year. Can I deduct from my gross income?

[M-MTax]

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@richgs wrote:
Allowed to gift a maximum to a child of $19,000/year. Can I deduct from my gross income?

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No, you cannot deduct gifts to your children but must report gifts with a value of $19,000 or more (on Form 709).

[DawnC]

You don't.   Gifts are reported on Form 709 which is not supported in TurboTax.    See this FAQ for gift giving and receiving info>>  Where do I report a cash gift?

[xmasbaby0]

Gifts given to family members, friends or other individuals are not deductible.   Gifts received are not taxable to the person who received the gift, and are not entered on a tax return.

If your gift exceeds the yearly limit ($19,000 per individual)  imposed by the gift tax rules, then you will need to complete a Form 709 gift tax form and send it to the IRS, although it is very unlikely that you will owe any tax.

TurboTax does not support Form 709.  It is not an income tax form and would not be included as part of an income tax return.

Here is a link to the form:

https://www.irs.gov/pub/irs-pdf/f709.pdf

https://turbotax.intuit.com/tax-tips/estates/the-gift-tax-made-simple/L5tGWVC8N

Here's a link for Form 709 preparation software:

 https://www.puritas-springs.com/product-category/federal

Here are some useful videos on the Form:

https://www.youtube.com/watch?v=a5wJow5h-No

https://www.youtube.com/watch?v=5Z_28sVOrTY