Solved: Gifting cash to adult children

Last year I gave cash from my RMD to my children who needed to make significant home repairs. How do I record the cash gifts?

posted

you don't. gifts are not an income tax item. if you gave any one person more than $15,000 in 2021 you need to do a gift tax return. form 709. Turbotax does not do this form.

View solution in original post

you don't. gifts are not an income tax item. if you gave any one person more than $15,000 in 2021 you need to do a gift tax return. form 709. Turbotax does not do this form.