How to handle a gift

Forum|Forum|3 years ago
January 13, 2023
2 replies
24 views

In 2022, my wife and I gave my son $74,000 for a house downpayment. I know I have a lifetime exclusion that far exceeds that, but do I need to file a form for this gift and how do I do that on my Deluxe Turbotax?

Anonymous_

Level 15

See https://www.irs.gov/instructions/i709#en_US_2022_publink16784xd0e314

No version of TurboTax supports Form 709.

Regardless, you have exceeded the annual exclusion of $16,000 (per person) for 2022 and need to file.

DoninGA

Level 15

You will need to complete a Form 709 to report the gift given. TurboTax does not support IRS Form 709.

The form is not included with nor sent with your federal tax return. It is sent separately to the IRS to the address noted in the Form 709 instructions.

Go to this IRS website for the Form 709 - https://www.irs.gov/forms-pubs/about-form-709