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A gift given to an individual is not reported on a federal tax return. A gift received from an individual is not reported on a federal tax return, regardless of the amount received.
Gifts given of greater than $14,000 to a single individual in a year are to be reported on an IRS Form 709 Gift Tax return. TurboTax does not support Form 709.
There will not be any taxes owed on the gift given if the total amount of gifts given in your lifetime have not exceeded $5.45 million in 2016.
IRS Form 709 - https://www.irs.gov/pub/irs-pdf/f709.pdf
IRS Form 709 instructions - https://www.irs.gov/pub/irs-pdf/i709.pdf
A gift given to an individual is not reported on a federal tax return. A gift received from an individual is not reported on a federal tax return, regardless of the amount received.
Gifts given of greater than $14,000 to a single individual in a year are to be reported on an IRS Form 709 Gift Tax return. TurboTax does not support Form 709.
There will not be any taxes owed on the gift given if the total amount of gifts given in your lifetime have not exceeded $5.45 million in 2016.
IRS Form 709 - https://www.irs.gov/pub/irs-pdf/f709.pdf
IRS Form 709 instructions - https://www.irs.gov/pub/irs-pdf/i709.pdf
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