Gifts

I gifted around $7K to my daughter in 2020. How do I reports it on TT and do I get any credits.

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1 Best answer

Expert Alumni

Mar 4, 2021 9:39:37 AM

You do not need to report this on your tax return as a gift and there are no credits for giving a gift.

The annual exclusion amount for 2020 was $15,000. Any gift larger than that amount would need to be reported on a Form 709.

Here is a link to IRS information about gifts.

Expert Alumni

Mar 4, 2021 9:39:37 AM

You do not need to report this on your tax return as a gift and there are no credits for giving a gift.

The annual exclusion amount for 2020 was $15,000. Any gift larger than that amount would need to be reported on a Form 709.

Here is a link to IRS information about gifts.