Open TurboTax

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Announcements
Your taxes, your way. Get expert help or do it yourself. >> Get started
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

cancel
Showing results for 
Search instead for 
Did you mean: 
rahrogers
New Member

Can a married couple receive a gift exclusion of $15,000 each from both sets of parents for a total of $60,000? ( $30,000 from each set) and not have to pay gift tax?

 
1 Best answer

Accepted Solutions
DoninGA
Level 15

Can a married couple receive a gift exclusion of $15,000 each from both sets of parents for a total of $60,000? ( $30,000 from each set) and not have to pay gift tax?

Gifts received from an individual are not reported on a tax return, regardless of  the amount received.

 

Only the gift giver has to complete a Form 709 if the gift given to an individual is greater than $15,000.

View solution in original post

3 Replies
DoninGA
Level 15

Can a married couple receive a gift exclusion of $15,000 each from both sets of parents for a total of $60,000? ( $30,000 from each set) and not have to pay gift tax?

Gifts received from an individual are not reported on a tax return, regardless of  the amount received.

 

Only the gift giver has to complete a Form 709 if the gift given to an individual is greater than $15,000.

xmasbaby0
Level 15

Can a married couple receive a gift exclusion of $15,000 each from both sets of parents for a total of $60,000? ( $30,000 from each set) and not have to pay gift tax?

If you receive a gift you do not pay any tax on it.   And if the gift  was structured in the way you describe, the "givers" do not have to file a gift tax form.

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

 

https://www.forbes.com/sites/ashleaebeling/2017/10/19/irs-announces-2018-estate-and-gift-tax-limits-...

 

 

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
VolvoGirl
Level 15

Can a married couple receive a gift exclusion of $15,000 each from both sets of parents for a total of $60,000? ( $30,000 from each set) and not have to pay gift tax?

Yes.  But the receiver doesn't fill out or pay the Gift Tax.  Only if you GIVE MORE than 15,000 you need to fill out a gift tax return.  But there won't be any tax due.  It just will count against your lifetime amount of 1.3 million.  Not sure of the exact amount.

About Community

Learn about taxes, budgeting, saving, borrowing, reducing debt, investing, and planning for retirement.

3.49m
Members

2.63m
Discussions

Manage cookies
v