GIFTS
Gifts given to family members, friends or other individuals are not deductible. Gifts received are not taxable to the person who received the gift, and are not entered on a tax return.
If your gift exceeds the yearly limit ($17,000 per individual) imposed by the gift tax rules, then you will need to complete a Form 709 gift tax form and send it to the IRS, although it is very unlikely that you will owe any tax. In 2024 that yearly limit will increase to $18,000.
TurboTax does not support Form 709. It is not an income tax form and would not be included as part of an income tax return.
Here is a link to the form:
https://www.irs.gov/pub/irs-pdf/f709.pdf
https://turbotax.intuit.com/tax-tips/estates/the-gift-tax-made-simple/L5tGWVC8N
If you need more space, attach a separate sheet using the same format as Schedule A.
turbotax does not do the form and the IRS does not offer a continuation sheet. so you would have to prepare your own in the same format at that section in the form.
It sucks that I pay TurboTax and get all the way through data entry and it does not support IRS Form 709. I understand why. The form is so complicated to cover so many scenarios it is impossible for me to figure out how to fill out the paper form, let alone for some IT whiz to figure out how to program it. Here is an example of why a neighborhood CPA is better than TurboTax. Goodby TT, forever.