turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
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.

I am a US citizen that gave my daughter a gift of cash $125,000. what exemptions can I get when filing form 709?

 
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
Carl
Level 15

I am a US citizen that gave my daughter a gift of cash $125,000. what exemptions can I get when filing form 709?

None.

When a person dies, they can pass up to $5.1M dollars in assets to their heirs with no tax reporting required. The assets are inherited by the legal beneficiaries "tax free" basically.

When you give a gift to any one person in excess of $14K in any one tax year, then the amount or value of that gift goes against your $5.1M. You are required to report it to the IRS. No taxes will be assessed. It just counts against the $5.1M that can be passed taxed free to your heirs when you pass away.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question