turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

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

eddyjrc
New Member

Do I have to file a IRS-709? My wife and I gave our son and daugther-in-law $25000 toward the purchase of their new home. If, so, how do we do this?

 
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Best answer

Accepted Solutions

Do I have to file a IRS-709? My wife and I gave our son and daugther-in-law $25000 toward the purchase of their new home. If, so, how do we do this?

If you gave the gifts in such a way that you did not give over $14,000 to either individual, you do not have to worry about a 709.  For instance, did you give some to daughter and some to son-in-law?  Or did your wife give some and you give some?  You need to report it if you gave all of the $25,000 from just one of you to one of them.  Even then it is not taxable to you or to them.

**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.**

View solution in original post

1 Reply

Do I have to file a IRS-709? My wife and I gave our son and daugther-in-law $25000 toward the purchase of their new home. If, so, how do we do this?

If you gave the gifts in such a way that you did not give over $14,000 to either individual, you do not have to worry about a 709.  For instance, did you give some to daughter and some to son-in-law?  Or did your wife give some and you give some?  You need to report it if you gave all of the $25,000 from just one of you to one of them.  Even then it is not taxable to you or to them.

**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.**
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question