Can I report cash gifts in excess of $15000 without ordering premier version of TT? Do I enter total gift or subtract the $15000?

[xmasbaby0 · Accepted solution]

If you received a gift, it is not reported on your own return; gifts you receive are not taxable.  If you are the one who GAVE the gift, a gift of more than $15,000 to one person is something you report on a form 709 gift tax form, although you will not have to pay tax on it.  And gifts given to individuals are not deductible.

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-...