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Level 1
posted Jan 26, 2022 11:37:54 AM

I gave my daughter a large sum of money as a gift, how do i show that on my tax return and what does she need to claim it?

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1 Replies
Expert Alumni
Jan 26, 2022 11:42:37 AM

You and your daughter do not enter gifts on your income tax return. But depending on the amount you may have to file a gift tax return. Please see IRS Frequently Asked Questions on Gift Taxes for detailed information.