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New Member
posted Apr 9, 2024 1:47:44 PM

I gifted stocks to my grown children. How do I report those gifts on my 1040? Please be specific in steps to take. Thanks you.

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2 Replies
Level 12
Apr 9, 2024 1:51:27 PM

You don't report gifts on your 1040......you report them on form 709 and you'll probably need help from a tax pro for this.

form 709 

Expert Alumni
Apr 10, 2024 11:57:24 AM

A gift of any size is not reported on your income tax return.

 

If the gift had a value of $17,000 or less, the gift is not taxable to you or to the recipient. (For married couples, the limit is $34,000.)

 

If the gift was worth more than $17,000 ($34,000 for married couples), you must file Form 709: U.S. Gift (and Generation-Skipping Transfer) Tax Return, which is due April 15 of the following year. Even if you do not owe a gift tax because you have not reached the $12.92 million lifetime limit, you are still required to file this form if you made a gift that exceeds the $17,000/$34,000 annual gift tax exclusion level. The IRS needs to keep a running tab of your lifetime exemption.

 

Read more about this here: TurboTax Tax Tips: The Gift Tax