I gifted less than $15K stock to a friend, where do I report it on my TurboTax form?

Expert Alumni

Apr 18, 2022 2:54:20 PM

You don't. It is not reported unless it is over $15,000 and then on Form 709.

New Member

Apr 19, 2022 9:47:59 AM

Thank you! I was hoping it would be a deduction somewhere :(

Level 15

Apr 19, 2022 9:49:04 AM

Gifts to individuals are not deductible.

GIFTS

Money that you receive as a gift is not taxable income to you, and you do not need to report it on your income tax return. Money that you gave as a gift to someone else is not deductible for your taxes.

Turbo Tax does not support the gift tax form 709, but here is a link:

https://www.irs.gov/pub/irs-pdf/f709.pdf

https://turbotax.intuit.com/tax-tips/estates/the-gift-tax-made-simple/L5tGWVC8N

https://www.forbes.com/sites/ashleaebeling/2017/10/19/irs-announces-2018-estate-and-gift-tax-limits-11-2-million-per-couple/#3226e75d4a4b

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I gifted less than $15K stock to a friend, where do I report it on my TurboTax form?