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John7119
Returning Member

Federal tax form when one gives someone more than $15000.00

 
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4 Replies

Federal tax form when one gives someone more than $15000.00

That would be Form 709, which TurboTax does not support.

 

https://www.irs.gov/pub/irs-pdf/f709.pdf

JohnB5677
Expert Alumni

Federal tax form when one gives someone more than $15000.00

TurboTax does not support IRS Form 709.

 

Form 709 is not filed with your federal tax return, it is a separate filing that has to be printed and mailed to the IRS using the address in the Form 709 instructions.

 

Form 709 is the US Gift (and Generation-Skipping Transfer) Tax return  Form 709 Gift Tax

 

Instructions for Form 709  IRS Instructions Form 709

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Federal tax form when one gives someone more than $15000.00

This topic came up on a brokerage chat room.  Once a person files the form 709 do they have to file it each following year even though they did not give over 15,000 in subsequent years?

Federal tax form when one gives someone more than $15000.00


@Contented wrote:

This topic came up on a brokerage chat room.  Once a person files the form 709 do they have to file it each following year even though they did not give over 15,000 in subsequent years?


No.  It is only filed if a gift was given in that tax year and the gift was greater than the exclusion amount for that tax year.

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