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Level 3

Solved

Gift Tas Return form 709

Forum|Forum|4 years ago
March 30, 2022
1 reply
10 views

I think I may need to complete a Gift Tax Return (Form 709). I'm not seeing it as an option on Turbo Tax. Would I need to submit that separately?

I looked it up on the IRS website but I'm not able to determine if I need to submit one. It says no return is needed if "all the gifts you made were of present interests." What does that mean? Is helping someone with rent considered a "gift"?

Also, it's my understanding that it doesn't necessarily mean I would be taxed on an individual year's gift (if it exceeds $16K) but rather it goes to the lifetime gift total of $12MM. Is that correct?

Thanks so much for your help with this!

Best answer by xmasbaby0

You cannot use TurboTax to complete a form 709. That form is not part of an income tax return.

GIFTS

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-11-2-million-per-couple/#3226e75d4a4b

Answer

Level 15

You cannot use TurboTax to complete a form 709. That form is not part of an income tax return.

GIFTS

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-11-2-million-per-couple/#3226e75d4a4b

**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.**