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kim-cain
New Member

I know that I can gift up to $14,000 to a family member. My question is.. Where do I notate that on my tax return.

 
2 Replies
DoninGA
Level 15

I know that I can gift up to $14,000 to a family member. My question is.. Where do I notate that on my tax return.

A gift to an individual is not reported on a tax return.  Nor is the gift received from an individual reported on a tax return, regardless of the amount received.

If the gifts given are greater than $14,000 to a single individual in a year then you would have to complete a Gift Tax Return, IRS Form 709.

SweetieJean
Level 15

I know that I can gift up to $14,000 to a family member. My question is.. Where do I notate that on my tax return.

You do not get to deduct the $14,000. However, the recipient can record it as in taxable income for purposes of the Sales tax deduction if they itemize.
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