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rdlind53
New Member

Do I enter the basic gift tax exclusion amount in form 709. If so, where?

 
2 Replies
pk
Level 13
Level 13

Do I enter the basic gift tax exclusion amount in form 709. If so, where?

if the gift is equal or less the yearly exclusion ( per donor , per done ), you do not have to report anything

xmasbaby0
Level 15

Do I enter the basic gift tax exclusion amount in form 709. If so, where?


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.**
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