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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.
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.
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
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.
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