You'll need to sign in or create an account to connect with an expert.
No. And besides, gifts usually do not affect a Federal income tax return. Gifts are not income to the recipient nor are they deductible by the giver. Some gifts over $14,000 in any one year to any one recipient may require the giver to file a Gift Tax return.
No. And besides, gifts usually do not affect a Federal income tax return. Gifts are not income to the recipient nor are they deductible by the giver. Some gifts over $14,000 in any one year to any one recipient may require the giver to file a Gift Tax return.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
EJNich1
Level 1
quangai
New Member
Steverino78
Level 2
tedbuff51-gmail-
New Member
DAM11
Returning 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.