turbotax icon
turbotax icon
cancel
Turn on suggestions
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
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.

Yes No
beth32
Returning Member

gift question

I gifted $300,000 to my son.  What do I do for this to count towards my lifetime estate tax exemption?

posted
‎November 16, 2022 9:36 AM
last updated ‎November 16, 2022 9:36 AM
0
1
174
Reply
Bookmark Icon
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 Reply
DavidT0202
Expert Alumni
Expert Alumni

gift question

Hi @beth32 

What a wonderful gift!   I need a Mom like you 😄 

You will have to file a gift return, however as long as you have not hit your lifetime limit, $12.06 mill in 2022, then no tax will have to be paid.  

Please see this LINK for more information and a deeper dive in to the gift tax exclusion. 

Thank you for choosing TurboTax!

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
‎November 16, 2022 10:37 AM
0
154
Reply
Bookmark Icon

Still have questions?

Questions are answered within a few hours on average.

Post a Question

*Must create login to post

Featured forums
Taxes
Lower Debt
Investing
Self-Employed
All topics

Unlock tailored help options in your account.

Live Assisted: Get answers to all your tax questions! Our experts are available on-demand, no appointment needed. Get help all year long with TurboTax Live Assisted. Explore your options!
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question

Related Content

Max171
user17714644253
tay1234
Cthink
sandmgandg